Angola: BIP Portugal bank begins trading in February

31 December 2007

Luanda, Angola, 31 Dec – BIC Portugal, an Angolan-owned Portuguese bank, will begin operating in February, 2008, BIC chairman Fernando Teles said Saturday.

In comments to Angolan state news agency Angop, Teles said BIC Portugal would formally by created on 11 Jan with an identical ownership structure to BIC in Angola.

Initially, BIC Portugal will have branches in Lisbon and Porto. The new bank got the go ahead in October to open from Portugal’s central bank.

The core shareholders in the new bank are Portuguese industrialist America Amorim, with a 25 percent stake, and SPF, owned by Angolan businesswoman Isabel dos Santos, with a 25 percent shareholding.

Fernando Teles has a 20 percent stake in the bank, with Luso-Brazilian entrepreneur holding another 10 percent of shares. Various Angolan investors hold the rest of the bank’s stock in 5 percent blocks.

BIC Portugal will center its activities on supporting Angolan companies who want to operate in Europe and Portuguese firms seeking to do business in Angola.

In Angola, BIC, which began operating in 2005, is currently the country’s fourth biggest bank behind BPC, BAI and BFA and has over 220,000 customers. (macauhub)