Angola: Caixa Geral de Depósitos and Sonangol owned bank launches in 2nd half

12 March 2009

Lisbon, Portugal, 12 March – The investment bank owned by Angolan oil company Sonangol and Portuguese bank Caixa Geral de Depósitos (CGD) is due to be launched in the second half of the year and its chief executive will rotate between the two companies, the first term being the responsibility of the Angolan company, the chairmen of the two companies said in Lisbon Thursday.

The chairman of Sonangol, Manuel Vicent, and the chairman of CGD Faria de Oliveira, were speaking at the end of a ceremony at which memorandums were signed for the partnership to set up the new bank.

The name of the bank had as yet not been chosen, Vicente said, noting that management would run on the basis of three-year terms.

Faria de Oliveira said, in his turn, that the bank was expected to start operating in the second half of this year and said the bank was, “mainly a development bank that will support the development of infrastructure projects, but also industrial and agricultural projects in Angola, ensuring the participation of companies in these projects.”

The bank, “will launch with a considerable size” the CGD chairman said, referring to the bank’s initial capital of US$1 billion and “there will be no distinction between public and private companies,” that want to take part in the projects. (macauhub)