Angola: BES Angola “likely” to issues shares, group chairman says

4 December 2007

Luanda, Angola, 4 Dec – The chairman of Portuguese bank Banoc Espírito santo (BES), Ricardo Salgado, said Monday in Lisbon it was “likely” that BES Angola (BESA) will issue shares on the Luanda stock exchange.

Salgado, who was speaking to the press at the presentation of a book on Angolan painter and filmmaker António Ole, said that the bank “had had no signs” from the “Angolan authorities” in relation to the need to increase the stake of Angolan investors in the bank, but that it would increase its capital float, regardless.

Currently, 20 percent of BESA’s capital is owned by Angolan investors, whilst 100 percent of Banco Fomento Angola, one of the market leaders, is owned by BPI.

According to the chairman of the Angolan market regulator, CMC, António Cruz de Lima, the Luanda stock exchange will begin operating in the first quarter of 2008, with six listed companies, and within two years is expected to have 113 listed companies, with a market capitalization of US$172 billion.

As the BESA’s operations “are going well,” Salgado said, there are investors interested in the bank.

Angola has 19 licensed banks and 17 in operation, three of which are public, including Banco de Poupança e Crédito, which vies for market leadership with Fomento Angola (of Portuguese group BPI). (macauhub)