Portugal’s Finibanco authorized to open bank in Angola

15 June 2007

Lisbon, Portugal, 15 June – Portuguese bank Finibanco said Thursday in Lisbon that it had been authorized by the Angolan government to set up a bank in the country, after presenting a proposal over a year ago.

“The Council of Ministers of the Republic of Angola has authorized the setting up of Finibanco Angola, the capital of which will be 60 percent owned by Finibanco-Holding,” the bank said, adding that the only thing lacking was an official communication from the country’s sector regulator.

On April 7, 2006, Finibanco announced it had made a request to set up a bank in Angola, in which it would be partnered by Iberpartners – Gestão e Reestruturação de Empresas and Angolan shareholders.

The bank will have initial capital in kwanzas equivalent to US$10 million, according to information made available at the times.

In 2006 Finibanco posted consolidated net profit of 21.1 million euros, or a rise of 31.2 percent against the previous year. (macauhub)