Guinea Bissau: Banco da África Ocidental carries out capital increase

9 January 2009

Bissau, Guinea Bissau, 9 Jan – Guinea Bissau bank, Banco da África Ocidental (BAO) plans to increase its capital to around 8 million euros, or five times its current value, officials said.

A plan to expand the bank is also in its launch phase and is based on opening up nine new branches.

Geocapital, with a 44 percent share, is BAO’s main shareholder and is responsible for its management.

The remaining shareholders are Banco Efisa, with 15 percent, and several small Guinean investors.

Guinea Bissau is one of the Portuguese-speaking African countries in which Geocapital is most involved. (macauhub)