Banco Fomento Angola plans to support Angolan development

19 December 2006

Luanda, Angola, 19 Dec – Angolan bank, Banco Fomento de Angola (BFA) plans to become a development partner for the West African country the bank’s chairman, Emídio Pinheiro said in Luanda Monday.

At the inaugural ceremony of the Investment Center that the bank has set up in the center of Luanda and which is the second after the one set up at the bank’s headquarters, Pinheiro said that the center was the result of demand from an emerging business class in Angola.

The BFA also opened a new branch in the center of the Angolan capital, increasing its number of branches to 62 spread all over the country.

This year, the bank owned by Portuguese banking group BPI planned to have a total of 70 branches, but this target will only likely be met in January due t delays in the building work at several branches.

The BFA, currently the second-largest banking group in Angola, with around 26 percent of the market, has around 300,000 customers, of which around half have an ATM card, with the bank having doubled the number of ATM machines set up around the country this year. (macauhub)