Angola: Banco BIC increases its number of branches in Portugal

11 May 2009

Lisbon, Portugal, 11 May – Banco BIC Portugal will end the first half of the year with six branches in Portugal, continuing with its expansion plan, the bank’s chairman, Luís Mira Amaral said.

The four branches that are due to open by mid June in the cities of Viseu, Aveiro (14 May), Leiria and Braga (both in June), will be added to the branch in Port, which was officially opened in February, and Lisbon, where the “twin” bank of BIC Angola has been set up since May 2008.

Following a capital increase, from 17.5 million euros to 25 million euros, carried out at the end of February, BIC Portugal is focusing its activities in three key areas: Banking correspondent for Angolan banks in Portugal – to manage the flow of funds between the two countries – business banking and private banking.

“The aim of opening new branches is to support companies that are already in Angola, or those that plan to be, but also to study the possibility of investing in strategic partnerships,” said Mira Amaral.

BIC Portugal is the first Portuguese bank that is majority-owned by Angolan shareholders. When the branch in Porto was opened, Fernando Teles said that the aim of the bank was to be present “wherever there are more businesspeople with Angolan relations,” which is the reason for opening branches now in the north of Portugal, in the interior (Viseu) and on the coast (Aveiro).

Banco BIC Angola was set up in April 2005 as a privately-owned retail bank, with national and foreign shareholders, to operate in the retail market and as a privileged partner for businesses, supporting small and medium -sized enterprises (SMEs) and large Angolan groups.

According to information from the bank, the shareholder structure of Banco BIC Angola and Portugal is made up of Grupo Amorim and Sociedade de Participações Financeiras, with a 25 percent share each, Fernando Teles with 20 percent and the remainder spread amongst the bank’s staff, Angolan, Portuguese and Brazilian shareholders. (macauhub)