Portugal: Banco Espírito Santo may sell more of its bank in Angola to local investors

30 January 2009

Lisbon, Portugal, 30 Jan – Portuguese bank, Banco Espírito Santo (BES) has said it may sell off some of the 75 percent stake it holds of its bank in Angola, the bank’s chief executive said in Lisbon Thursday.

Based on “talks” and “manifestations of interest” that there have been, BES “may consider” opening up the bank’s capital further, said Ricardo Salgado at a press conference to present the bank’s results for 2008.

In order to remain as the bank’s majority shareholder with a stake of at least 50.1 percent, the amount of capital sold would be less than 25 percent, as the team at Banco Espírito Santo Angola (BESA) owns around 5 percent of the bank’s capital and 20 percent is already owned by other investors.

BES’s operation in Angola saw the highest growth across the group’s profits – 44.3 percent – contributing 48.2 million euros to the bank’s consolidated net income.

Banco Espírito Santo de Investimento (BESI), Salgado said, planned to set up an investment bank in Angola associated to BESA.

This follows the bank setting up, in 2008, the country’s first fund management company, BESA ACTIF.

BESA currently has 27 branches, a private banking centre and two business centres. (macauhub)