Luanda, Angola, 13 March – Angolan bank Banco Privado Atlântico (BPA) has been given authorisation from the Bank of Portugal to set up a European subsidiary in Lisbon,, according to Angolan newspaper Expansão.
The authorisation was granted at the end of January by the Portuguese Finance Minister, as outlined in the Portuguese regulations for setting up institutions that are not from European Community member states.
The bank’s new subsidiary will have initial capital of US$22 million (18 million euros).
Under the terms of a recently concluded agreement, Angolan oil company Sonangol and Banco Privado Atlântico recently took a stake in Banco Millennium Angola.
Sonangol took a 29.9 percent share in Millenium ANgol and BPA took 20 percent.
Millenium Angola has branches in six of Angola’s 18 provinces, namely in Luanda, Benguela, Huambo, Zaire, Huila and Cabinda. (Macauhub)