Angola: Banco Africano de Investimentos acquires 85.7 pct of Novo Banco

4 January 2008

Luanda, Angola, 4 Jan – Angolan bank, Banco Africano de Investimentos (BAI) took on management of Novo Banco after acquiring an 85.7 percent stake in the bank, the remaining 14.3 percent of which is in the hands of Chevron Sustainable Development Company, Angolan news agency Angop reported.

According to Angop, which cites a statement from BAI, the purchase of the shares was made official on December 11 2007, and Novo Banco became a subsidiary of BAI, which may change the trading name and identity of the bank.

Novo Banco and BAI will work together to bring together the best aspects of micro-financing products, technology, customer services processes and management, with the aim of improving the quality of the partnerships Novo Banco has.

BAI is the first Angolan private bank and began its activities in November 1996. Its total liquid assets in October 2007 were US$3 billion.

For 11 years BAO worked mostly in the corporate segment and that of individuals of medium income.

Chevron Sustainable Development is a subsidiary of the Chevron Corporation, created to support socio-economic investment initiatives.

In 2002, the company financed the Angola Partnerships Initiative (IPA) with funding of US$25 million, which together with the financing of other partners will exceed US$55 million, and has supported several projects in the country. Since its inception, the initiative has financed 17 programs in 13 Angolan provinces. (macauhub)