Portuguese bank buys stake in Cape Verdean bank

3 January 2007

Lisbon, Portugal, 03 Jan – Portuguese bank Banif said Tuesday in Lisbon it had reached an agreement to buy 40 percent of Cape Verdean bank BCN – Banco Caboverdiano de Negócios for 3.4 million euros.

The stake was bought from Cape Verdean company SEPI – Sociedade de Estudos e PromoPromoção de Investimentos, which in October 2004 bought the entire capital of Banco Totta de Cabo Verde and changed its name to BCN.

Banif’s taking a stake in the bank will be carried out through a capital increase of 200,000 BCN shares and the acquisition of 122,000 shares in the bank from SEPI.

BCN has a market share of around 4 percent for deposits and 6 percent for credit and a network of three branches in the Cape Verdean market. (macauhub)