Directors of banks operating in Angola optimistic about the future

11 October 2010

Luanda, Angola, 11 Oct – The directors of the main retail banks operating in Angola are optimistic about the development of the country’s economy and the financial sector, according to the opinions included in the 2010 version of Banking under Analysis, published Friday in Luanda.

These opinions are influenced by an upturn in foreign demand, the recovery of investment by the Angolan state and some diversification of the economy and show that there is still a lot of room for growth of the financial market in Angola, which is visible in its plans for expansion of the distribution network and introduction of new products and new solutions.

José de Lima Massano, chairman of the Executive Commission of Banco Africano de Investimentos (BAI), the market leader, said that “there are prospects of greater diversification of the Angolan economy and the banking sector may benefit from that fact,” noting that the projections from the main international institutions for growth of the Angolan economy were optimistic.

Emídio Pinheiro, chairman of the executive commission of Banco de Fomento Angola (BFA), said he believed that there were conditions in place so that, “both import capacity and the investment potential of the State Budget will be replaced, as this is one of the main elements driving the Angolan economy.”

Fernando Teles, the chairman of the Board of Banco BIC also has, “an optimistic view of the future,” despite recognising that, “there are a number of exogenous variables that it is not possible for the country to control, the main one of which is the price of a barrel of oil.”

Miguel Reino da Costa, chairman of the Board of Millennium Angola said that a world recovery is expected, with a “very positive effect on the Angolan economy, making it possible for the country to return to two-digit growth.” (macauhub)