Banco Popular Portugal and Angola’s BIC create joint credit lines

24 November 2006

Lisbon, Portugal, 24 Nov – Spanish-owned Banco Popular Portugal and Angolan bank BIC have signed an accord aimed to establish reciprocal lines of credit to stimulate trade between Angola and Portugal by financing and promoting exports.

Banco Popular Portugal will set up a credit line of euros 30 million, an official of the bank told the Lusa news agency Thursday.

The accord was signed this week and the credit line is already available to entrepreneurs. The Banco Popular initiative is likely to be extended to the rest of the Spanish group, which has 2,400 branches, mainly in Spain, with 200 of these in Portugal and others in France.

Under the conditions of the deal, Banco Popular is offering its Portuguese clients special conditions for export finance when the respective Angolan partners are clients of BIC.

In turn, BIC, Angola’s fourth-biggest bank, offers similar conditions to customers wishing to export to Portugal, where the partner is a client of Banco Popular. One of BIC’s main shareholders is Portuguese industrialist Americo Amorim.

Amorim is also the largest single shareholder in Spain’s Banco Popular group with a stake of more than 6 percent. (macauhub)