BPN Brasil wants Brazilian medium-sized companies and trade with Angola

19 December 2006

Sao Paulo, Brazil, 19 Dec – Brazilian bank, BPN Brasil, plans to focus on medium-sized Brazilian companies and foreign trade operations, namely with Angola, the chairman of the bank said Monday in Sao Paulo.

BPN Brasil is 80 percent owned by Sociedade Lusa de Negocios (SLN), and the remaining 20 percent belong to Banco Africano de Investimentos (BAI), Angola’s largest private bank.

With assets of over US$1.15 billion, the BAI has Angolan state oil company Sonangol as one of its main shareholders.

Carlos Catraio noted that, last year around 1,000 Brazilian companies exported to Angola, a 74 percent rise against 2003, with total exports of US$500 million.

The chairman said that BPN Brasil also planned to boost its involvement in public-private partnership (PPP) of the Brazilian government for infrastructure work.

BPN Brasil has capital of 50 million reals (17.9 million euros) and assets of 161 million reals (67.5 million euros).

BPN began operating in Brazil in 2004 on acquiring Banco Itaú from Itauvest, which was authorized to receive foreign capital. (macauhub)