16th Angolan bank opens Friday in Luanda

18 June 2007

Luanda, Angola, 18 June – Since Friday Angola has had a new bank, Banco Angolan de Negócios e Comércio (BANC) with capital of US$5 million, according to a report by Portuguese news agency Lusa.

The BANC aims to be a new strategic partner in countries such as Portugal, Brazil and Spain whilst also negotiating the sale of a stake with an Angolan group, in order to carry out a capital increase.

According to BANC’s chairman Rui Fraga, negotiations with possible international partners were at a preliminary stage, despite the deal having almost been signed with a partner that pulled out.

Fraga said that Stanley Ho’s Geocapital had pulled out of the deal when all of its conditions had been set.

The agreement included Geocapital taking a 50 percent stake of BANC and having the choice of the bank’s board of directors, Fraga said.

the bank now plans to sell of just 35 or 40 percent of its capital to n international partner.

By 2008 BANC expects to open 10 branches throughout Angola, covering the main urban areas, with particular focus on the Center, South and Luanda, where it is headquartered and where it expects to open three branches. (macauhub)