Retail banks to sell Banco de Desenvolvimento de Angola products

7 September 2007

Luanda, Angola, 7 Sept – Angolan retail banks are to start selling Banco de Desenvolvimento de Angola (BDA) products, following agreements being signed by the financial institutions, Angolan newspaper Jornal de Angola reported.

The paper said that following Espírito Santo Angola (BESA), Keve and Banco de Negócios Internacional (BNI), on Tuesday, the Poupança e Crédito (BPC) and Comércio e Indústria (BCI) banks would sign agreements.

The public bank invited all retail banks operating in the country to set up partnerships focused on sales, at their respective branches, of BDA products.

The chairman of BDA, Paixão Franco said that the bank did not aim to compete with retail banks, but rather to complement its action in activities that do not find financing at traditional banks.

The board of BDA, which manages the Development Fund (an account set up by the state in 2006), is concerned with the management of the considerable resources included in this fund, and this is why it is looking to establish partnerships with banks operating in the country.

Set up in June 2006, the bank is used to finance the development of the national economy, especially investments in the private sector, especially those linked to production.

In this, its first year of activity, it will finance projects linked to the production chains of maize, beans and construction materials. (macauhub)