Caixa Geral de Depósitos and Sonangol bring forward launch of new bank in Angola to end of 2009

16 September 2009

Luanda, Angola, 16 Sept – The National Bank of Angola (BNA) has given the “green light” to the creation of an investment bank by Angolan oil company Sonangol and POrtuguese state bank Caixa Geral de Depósitos (CGD).

Authorisation from the central bank was given in August which will make it possible to bring forward the start of the operation, which is focused on funding investment projects in Angola.

Francisco Bandeira, vice president of CGD and future chairman of the Angolan bank told Portuguese newspaper Diário Económico he believed that the first operations would be possible in the last quarter of the current year.

The CGD/Sonangol partnership, which was announced in March of this year, aims to boost relations between the two countries, supporting and funding large projects in the Angolan economy, namely in the area of large-scale infrastructures. (macauhub)