Angola: Fortis enters market via Angolan bank

27 November 2007

Luanda, Angola, 27 Nov – Angola’s Banco de Negócios Internacional (BNI) and the Fortis group Monday in Luanda signed an agreement that the Angolan financial institution expects will be a qualitative jump in the financing of large projects considered essential to the country’s development.

Ricardo Viegas de Abreu, the deputy chairman of the BNI, told Portuguese news agency Lusa that the agree would provide more effective support for investment in areas linked to the oil, gas and mining sector.

“But the funding of infrastructures (roads and bridges) and in the areas of industry and agriculture are also included in the agreement’s objectives,” said the deputy chairman of the BNI, an entirely Angolan owned and managed bank.

The importance of the agreement is due to the size of the Fortis group. which is one of the world’s largest banking and insurance firms, with a presence in over 50 countries.

The Fortis group is now linked to one of Angola’s fastest growing banks. In its first year of existence it posted growth of 29 percent per month and had US$300 million in assets.

In a statement issued by the BNI to announce the partnership with Fortis, the Angolan bank, according to its chairman, Mário Palhares, “hopes to cement its strategic aim of offering innovative products and services to the Angolan banking sector,” using the know how provided by the multinational company. (macauhub)