Angola: Banco Africano de Investimentos opens subsidiary in Cape Verde

24 November 2008

Praia, Cape Verde, 24 Nov – Angolan bank Banco Africano de Investimentos (BAI) Friday opened a subsidiary in the city of Praia, Cape Verde, as part of its internationalisation strategy, for which it is already present in Portugal via BAI Europa.

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. The bank plans to target the corporate and private banking sectors.

BAI Cabo Verde is headquartered in Praia, the archipelago’s capital, and this year plans to open branches in Mindelo and on Sal Island.

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.

The launch of BAI Cabo Verde coincides with Banco Africano de Investimentos 12th anniversary, as it was founded on 14 November 1996.

In Angola BAI currently has at least 180,000 customers across a network of 53 branches. In 2007 it posted net assets of US$3.7 billion, and was considered to be the biggest bank operating in the Angolan market. (macauhub)