Geocapital takes control of Banco da África Ocidental in Guinea Bissau

29 June 2009

Lisbon, Portugal, 29 June – Macau gaming and gambling magnate, Stanley Ho, has increased his stake in Guinea Bissau bank, Banco da Àfrica Ocidental (BAO), Portuguese financial daily Diário Económico reported.

The previous stake in the bank was 36 percent and the rise occurred with the acquisition of the shares owned by Portuguese bank Montepio Geral.

The acquisition was carried out via Geocapital – Investimentos Estratégicos, the holding company that Ho shares with Portuguese businessman Ferro Ribeiro, which has stakes in four financial institutions in four Portuguese-speaking African countries.

Geocapital, first entered the Portuguese-speaking African banking sector in Guinea Bissau where in 2007 it acquired a stake in Banco da África Ocidental (BAO).

Geocapital, which has its headquarters in Macau, has been boosting its activities in Portuguese-speaking countries in a coordinated manner with Macau’s role of platform between China and the Portuguese-speaking countries.”

With interests in Angola, Brazil, Guinea Bissau, Mozambique, Cape Verde, Portugal and Macau, Geocapital has several other investments other than in the financial sector, including in the biofuels sector. (macauhub)