Banks from Guinea-Bissau and Cape Verde sign cooperation agreement

18 October 2010

Praia, Cape Verde, 18 Oct – Entrepreneurs from Guinea-Bissau and Cape Verde enjoy easier access to financing for business partnerships since the countries’ two biggest banks signed an agreement last Friday in Praia.

The cooperation agreement was signed by the Banco da Africa Ocidental (BAO) and the Caixa Economica de Cabo Verde (CECV) and is the first to involve two banking institutions from Guinea-Bissau and Cape Verde.

BAO director Romulo Pires told Portuguese news agency Lusa that the idea for the protocol arose because there is a common shareholder, Geocapital, pertaining to Macau gaming magnate Stanley HO, which initiated the process of linking the two banks.

“We want to facilitate transactions such as immigrant transfers, also with a view to keeping costs down,” Pires said.

The delegations from the Caixa and Geocapital finalised the agreement on Saturday in Bissau. The latter had been represented by one of its directors, Diogo Lacerda, at the ceremony in Praia.

Under terms of the protocol, the two banks will represent each other’s interests in the respective countries and weigh the possibility of carrying out joint actions in countries or regions where there are Guinea-Bissauan and Cape Verdean emigrants, such as West Africa, Macau, China and other Portuguese language countries (macauhub)