Geocapital prepares to launch first East Timor bank in Dili

23 July 2009

Dili, East Timor, 23 July – Financial company, Geocapital wants to open the first private East Timor bank, at an estimated investment of between 4 and 6 million euros, company director, Diogo Lacerda Machado told Portuguese news agency Lusa.

Machado, who Wednesday in Dili made the request to open the bank to the East Timor banking authority, said that the new bank would be set up as an investment bank.

“Banco Timorense de Investimentos will be the first East Timorese bank and will mainly fund investments in East Timor, rather than vying for deposits,” Machado noted.

There are currently three retail banks in East Timor: Portugal’s Caixa Geral de Depósitos/BNU, Indonesia’s Mandiri and Australia-New Zealand bank, ANZ.

With capital of 10.2 million euros, Geocapital’s shareholders are Macau gaming magnate, Stanley and Portugal’s Jorge Ferro Ribeiro.

Set up with the aim of investing in projects linked to agri-business, biofuel and infrastructures in Portuguese-speaking countries and territories, Geocapital has investment in Angola, Brazil, Guinea Bissau, Mozambique, Cape Verde, Portugal and Macau.

In the banking sector it has shares in four financial institutions in Portuguese-speaking African countries, specifically, Angola, Cape Verde, Guinea Bissau and Mozambique. (macauhub)