Angola: BES increases profits in Angola and maintains shareholder structure

29 January 2008

Lisbon, Portugal, 29 Jan – Profits at BES Angola rose to 35.5 million euros in 2007, as compared with 20.3 million in 2006, the executive chairman of Portuguese banking group Banco Espírito Santo (BES) said in Lisbon Monday.

Ricardo Salgado said that the group planned to maintain the current shareholder structure of its bank in Angola, in which just 20 percent of shares are in Angolan hands.

“There has been no imposition from Angolan groups or institutions to hand over more capital in BES Angola (BESA) local investors,” Salgado said during the presentation of the bank’s results.

Consolidated profit of BES in 2007 totaled 607.1 million euros, or 44.3 percent more than in 2006, with international operations contributing 141.5 million euros, or 51.9 percent.

Brazil accounted for 32.2 million euros in net profit, Spain added 15.2 million euros to the total and Angola added 33.5 million.

Salgado noted that the bank would continue to invest in Angola, particularly by opening new branches taking the total from 20 at the end of 2007 to 50 in 2010. (macauhub)