Angola: First Angolan-owned bank in Portugal created in January

27 December 2007

Porto, Portugal, 27 Dec – BIC Portugal, the first Portuguese bank with a majority Angolan shareholding, is to be created in January, a company source said Wednesday.

Speaking to Portuguese news agency Lusa this week, the same banking industry source said the new bank is set to be formally established on 11 Jan. Former Portuguese government minister Luis Mira Amaral will be the bank’s chairman.

BIC Portugal, given authorization last October by the Bank of Portugal, is the first bank controlled by Angolan shareholders to operate in Portugal. The new bank has an identical shareholder structure to BIC in Angola, which began trading in 2005 and has already become one of the African state’s biggest financial institutions.

BIC Portugal’s most prominent shareholders are Portuguese industrialist Américo Amorim, with a 25 percent stake, and SPF, a firm owned by Isabel dos Santos, daughter of Angola’s president, also with 25 percent of shares.

Fernando Teles, chairman of BIC Angola holds a further 20 percent in the new Portuguese bank, while Luso-Brazilian businessman José Ruas holds 10 percent. Remaining share blocks of 5 percent are held by various Angolan investors.

Among a range of banking services including management of Angolan assets in Europe, BIC Portugal will also act as an intermediary for cash flows from Angola to Portugal. (macauhub)