Central bank of Sao Tome and Principe cancels license of National Investment Bank

18 August 2011

Sao Tome, Sao Tome and Principe, 18 Aug – The Sao Tome and Principe banking authority has cancelled the licence of the National Investment Bank, a retail and investment bank, alleging a lack of activity, the Sao Tome and Principe central bank said Wednesday in Sao Tome.

In a statement signed by its director, Assis Vera Cruz, the central bank noted that the order to cancel the license was due to, “a long period of inactivity of the National Investment Bank, which affects the credibility of the Sao Tome and Principe financial system.”

Founded in 2004, the National Investment Bank is a retail and investment bank owned by Portugal’s Mirpuri group, which had been authorised to operate in Sao Tome and Principe.

In 2006 the Mirpuri group sold the entire capital of its holding company Air Luxor,–which owned airlines Air Luxor, Air Luxor STP (Sao Tome and Principe) and Air Luxor GB (Guinea Bissau), as well as tour operator Air Luxor Tours to Portuguese-Canadian investors. (macauhub)