VTB África Bank starts operating in Angola in March

26 February 2007

Luanda, Angola, 26 Feb – The VTB África Bank, set up with Angolan and Russia capital is due to launch its activities on the Angolan market in March, said the bank’s vice president, Carlos Sumbula, in Luanda Saturday.

With initial capital of US$10 million, 34 percent of which are Angolan investments and 66 percent Russian, VTB África plans to finance larges development projects in Angola such as the conclusion of construction of the Capanda and Chicapa dams.

The setting up of VTB África was authorised by the Angolan Government in a Council of Ministers meeting on October 25, 2006.

The bank, which is the first in Africa to have Russian investors, will mainly promote Russian investment in Angola, an contribute to cash flow between the two countries.

The Angolan financial sector currently ahs 15 retail banks: Banco de Poupança e Crédito (BPC), Banco de Fomento Angola (BFA), Banco Africano de Investimento (BAI), Banco Internacional de Crédito (BIC), Banco Espírito Santo (BESA).

Banco de Desenvolvimento de Angola (BDA), Banco Millennium Angola, Banco de Comércio e Indústria (BCI), Banco Comercial Angolano (BCA), Banco Totta Angola, Novo Banco, Banco Privado Atlântico (BPA), Banco de Negócios Internacional (BNI), Banco Regional do Keve (BRK) and Banco Sol are also operating in the Angolan market. (macauhub)