Angolan bank, Banco Africno de Investimentos opens office in South Africa

27 November 2009

Luanda, Angola, 27 Nov – Angolan bank Banco Africano de Investimentos (BAI) is due to open a representative office in South Africa before the end of the year in order to do business in the continent’s largest economy, the bank’s chief executive said in Luanda.

Speaking to the Reuters news agency, José Lima Massano said that the bank was working with the South African authorities in order to conclude the process of opening the office this year.

Lima Massano, who was speaking on the sidelines of a banking conference held in Luanda, declined to give a date for when BAI would have a complete bank operating in South Africa.

BAI is one of several Angolan banks that has expanded outside of Angola and has operations in Portugal, Cape Verde and partnerships in Sao Tome and Principe and Brazil.

Asked whether BAI was interested in acquiring Portuguese bank Banco Português de Negócios, which the Portuguese government recently put up for sale following its nationalisation, Lima Massano said that at the moment his bank’s strategy was to expand internationally in an organic way. (macauhub)