Angola to have investment bank for companies and private customers

15 November 2006

Lisbon, Portugal, 15 Nov – The Angolan financial system is to have its first investment bank for private customers and companies, Banco Privado Atlantico, which is to be presented Wednesday and begin operating with four branches in Luanda.

The bank has been set up with the many, “businesspeople and companies that there are in Angola, but which do not have financial advice and/or operations structuring,” in mind, the chairman of the board and one of the bank’s main shareholders, Carlos José da Silva told Portuguese news agency Lusa.

Banco Privado Atlantico is 100-percent owned by Angolans and its shareholder structure is made up of GlobalPactum, with 42.5 percent, AAA Seguros and AAA Pensões (Sonangol Group), with 19.5 percent, and Carlos José da Silva, as an individual shareholder, with 30.5 percent.

The bank will provide specialized services, such as financial advice, asset management, and structuring of financial operations for companies and individuals.

“Perhaps during the first year of operations we can open a fifth branch in Lobito (Benguela),” and the number of staff of the bank is also expected to increase in that period, said Da Silva, who for a round a decade was linked to the BES Group and was responsible for the launch of Banco Espirito Santo Angola. (macauhub)