Luanda, Angola, 17 Dec – The Angolan council of ministers Wednesday approved the memorandum of understanding between the governments of Angola and Portugal to set up a bank in Angola, with a subsidiary in Portugal.

The nominal capital of the new bank will be owned in equal parts by Angola and Portugal.

Angolan state oil company Sonangol-EP and Portuguese state bank Caixa Geral de Depósitos will be responsible for setting up the investment bank.

The memorandum outlines that during the development of the partnership, a minority share in the bank and its subsidiary (up to 49 percent) may be sold to private and public, Portuguese and Angolan investors. (macauhub)