European bank negotiates entering the capital of Angola’s Banco Privado Atlântico

3 August 2006

Lisbon, Portugal, 03 Aug – The Banco Privado Atlántico (BPA) is negotiating a partnership with a European financial institution and with a Portuguese business group, at a time when it is waiting for the “green light” to start operations, the Jornal de Negócios reported Thursday.

Efforts are currently under way to establish a partnership with a “European institution with tradition in the financial sector” and involve acquiring a stake in BPA’s share capital, one of the project’s promoters, Alberto Espírito Santo, told the Portuguese newspaper.

The BPA shareholders first approached a Spanish financial institution, but the negotiations were not successful, he added.

Most of the capital will be held by the Angolan shareholders who are promoting the project, to be assessed by the Bank of Angola.

Espírito Santo said he expected the authorization to be approved in mid-September.

The new Angolan financial institution aims to position itself in the market as a “commercial bank, with emphasis on the relational investment component (companies),” he stated.

BPA will have a share capital and security certificates worth 50 million euros (US$64 million).

Besides the core of Angolan shareholders, which includes Carlos Silva, former director of the Banco Espírito Santo Angola, a Portuguese non-financial group is also participating in the project.

The Bank of Angola is currently studying 10 requests to open financial institutions in the country.

Among the interested parties are Macau entrepreneur Stanley Ho, the Standard Bank of South Africa, the British Barclays and the Portuguese Finibanco.

The Angolan banking market is currently dominated by the Banco Fomento de Angola (BFA) of the Portuguese BPI group and by the Banco de Poupança e Crédito. (macauhub)