Banco Espírito Santo prepares next business mission to Angola in October

14 February 2007

Bilbao, Spain, 14 Feb – Portuguese bank, Banco Espírito Santo is preparing the next business mission to Angola, a priority market in its internationalization strategy and its corporate banking business, the bank’s chief executive, António Souto said Tuesday in Bilbao.

“The opportunities are huge, as became clear from the business mission carried out last November,” said Souto.

The November delegation was made up of 30 Portuguese businesspeople mainly from the construction materials, electrical and metal-mechanical sectors and the next mission, along with these will include businesspeople from the services and transport sectors.

As well as business missions, BES’s structure in Angola also focuses on corporate banking, with the opening of a specific department for these customers in 2006 which, that year, accounted for US$110 million in turnover.

“The target for 2007 is for this corporate department to have turnover of US$200 million,” or almost double, as in 2006 it accounted for 11 percent of BES Angola’s total turnover.

Of the 300 companies that are BES customers in Angola , “100 are Portuguese, which is equivalent to around 50 percent of the Portuguese companies present in the market,” said Souto, noting the importance of promoting investment and commercial dynamism in the Iberia-Angola-Brazil triangle.

This triangle is in fact BES’s specific focus in its internationalization process, but the bank is also looking at new markets, such as India, Algeria, Morocco and Hong Kong, where the project outlines setting up a bank from scratch in 2008. (macauhub)