Portugal: Banco Espírito Santo plans to operate in Mozambique and South Africa

4 February 2009

Lisboa, Portugal, 4 Feb – Portuguese bank Banco Espírito Santo (BES), via its subsidiary in Angola is analysing the possibility of expanding its business to Mozambique and South Africa, the company’s chief executive, Ricardo Salgado said.

Speaking to the Reuters news agency Salgado said that, “the bank in Angola wants to expand to neighbouring countries,” and the group was looking into international expansion, namely to Mozambique and South Africa, which is home to 600,000 Portuguese citizens.

The CEO also said that bank planned to expand to other countries in Latin America, in line with its growth in Brazil.

Salgado said the aim was for BES’s international segment to account for 50 percent of income in the future, without giving a date for that target to be met. The international segment currently accounts for some 35 percent of the group’s income. (macauhub)