Cape Verde: BAI Cabo Verde bank set up by Angolan and Cape Verdean investors

29 September 2008

Praia, Cabo Verde, 29 Sept – Cape Verde now has a new bank, Banco Africano de Investimentos Cabo Verde (BAI Cabo Verde), a financial institution set up with Angolan and Cape Verdean investment.

The shareholders of BAI Cabo Verde, which has starting capital of 90 million euros, are BAI Angola, with a 70 percent stake, Angolan oil company Sonangol, with 19 percent, and Cape Verdean company Sogei, with 10 percent.

According to the chairman of the BAI Cabo Verde Executive Commission, David Jasse, over the nest six months, 30 percent of the capital is to be sold to Cape Verdean investors and BAI Angola will keep 51 percent and Sonangol 9 percent.

BAI Cabo Verde aims to attain a 15 percent share of the Cape Verdean market within three years.

The BAI Group is also present in Brazil, with shares of BPN Brasil, in Sao Tome, with a stake in Banco Internacional de STP, and in Portugal, with BAI Europea.

BAi Cabo Verde will open its doors on 1 October and this year plans to open branches in Mindelo and on Sal Island.