Angola’s Banco de Poupança e Crédito increases capital to over US$40 million

21 August 2006

Luanda, Angola, 21 Aug – Shareholders of Angolan bank, Banco de Poupança e Crédito (BPC), the Ministry of Finance with 99 percent and The Social Security Institute (ISS) with 1 percent, decided to increase the bank’s capital from US$24.4 million to US$40.461 million, Angolan news agency Angpop reported Friday.

The capital increase, according to BPC director for Accounting, General Services, Risk Management and Operations Maria de Fátima, is part of the bank’s strategy of continued expansion all over the country and to maintain its position as national banking market leader.

Maria de Fátima said that, as part of the bank’s policy to expand its activities all over the country, by the end of the year, BPC would make total investments of around US$35 million to open new branches.

The BPC opened a new branch Wednesday in Cunene province, taking its total number of branches to 82 spread throughout the country.

National director for the Treasury, Armando Manuel said that the capital increase aimed to allow the bank to respond to the challenges it was given in terms of widening of the market.

Tuesday the chairman of the bank’s board, Paixão Júnior, said that the bank had been growing every year, with its total net assets increasing from US$930 million in 2004 to US$1.6 billion in 2005.

The bank’s net profit, he added, which in the first half of 2006 had already totaled US$18 million, could reach US$40 million by the end of the year, as compared to the US$33.8 million posted in 2005. (macauhub)