Portugal’s Banif bank may expand to Angola and awaits opportunities in Portugal

11 January 2007

Lisbon, Portugal, 11 Jan – The chairman of Portuguese bank Banif, Horácio Roque, has said that the group could soon expand into Angola, and is also awaiting acquisition opportunities in Portugal in the banking and insurance sectors.

If the bank were to start operating in Angola this would be the second African Portuguese-speaking African country, after Cape Verde, in which Banif was present.

Speaking to Portuguese news agency Lusa, Roque said that the group, “sees no interest, for now, in Mozambique,” and that soon it expected to sign the agreement to buy 46 percent of Banco Caboverdiano de Negócios (BCN).

Another market identified as a priority for its international expansion was Brazil, where Banif already operates in the retail and investment banking sectors.

“We want to grow and not only organically,” Roque said, saying he was ‘completely open” to going further in its link with Finibanco, with which it recently announced an agreement, awaiting approval from the Bank of Portugal, to take a 7.7 percent stake. (macauhub)