Sao Tome and Principe: Private investors to open investment bank

3 April 2008

Sao Tome, Sao Tome and Principe, 3 April – Hexágano “E”, a group of Sao Tome and Principe economic operators, plans to open a private bank on the West African archipelago by the end of the year, with initial capital of US$3 million, a group representative told macauhub Monday.

Prudência Oliveira Rita, one of the group’s partners told macauhub that Hexágono “E” Tuesday began the process of incorporation of new foreign shareholders in order to transform the group into a new company that will own 100 percent of the future Banco de Crédito e Desenvolvimento.

The Sao Tome shareholders will provide 50.5 percent of the initial capital and the remaining 49.5 percent will be provided by foreign investors from both African and European countries, namely Angola, Cape Verde, Portugal and Spain, he added.

“The bank will be for investment, development and management to serve the Sao Tome and Principe economy,” said Oliveira Rita, the country’s former Finance Minister.

Sao Tome and Principe currently has six private banks: Afriland Bank, Island Bank, Cobistp, Equador, Ecobank and Banco Internacional. (macauhub)