Bank of Portugal authorizes opening of first Angolan-owned bank

31 October 2007

Luanda, Angola, 31 Oct – Angolan-owned bank, Banco BIC Portugal, has received authorization from the Bank of Portugal to start operating in the market, a source linked to the process told Portuguese news agency Lusa in Luanda Tuesday.

The new bank, which will be headed up by former Portuguese minister Luís Mira Amaral, will have an identical shareholder structure to Banco BIC Angola, which started its activities in May 2005 and has now become one of the largest banks in Angola.

The majority shareholders of BIC Portugal are Portuguese businessman Américo Amorim, with 25 percent, and Isabel dos Santos, the eldest daughter of Angolan president, José Eduardo dos Santos, with a further 25 percent.

Fernando Teles, the chairman of BIC, will have a 20 percent share in BIC Portugal, which will also have Brazil’s José Ruas as a shareholder with 10 percent.

The remaining capital will be split between several Angolan shareholders, each with a 5 percents take, including Sebastião Lavrador, a former head of the National Bank of Angola. (macauhub)