Angola’s Banco BIC plans to enter Cape Verdean market

2 April 2012

Angolan bank Banco BIC is considering acquiring BPN IFI, a unit of the former Portuguese bank, Banco Português de Negócios (BPN) in Cape Verde, chairman Jaime Pereira told Portuguese financial daily newspaper Diário Económico in Lisbon.

Noting the Cape Verde was one of the countries in which Banco BIC planned to be present, the chairman said that regardless of the acquisition of the Cape Verdean bank BIC was already preparing a request for a license to operate in the market through an international financial institution (IFI).

BPN IFI was one of the assets held by Banco Português de Negócios in Cape Verde, where via another bank – Banco Insular – a number of irregularities were carried out.

BPN IFI is currently held by one of the vehicles created by the Portuguese state to accommodate the problematic assets of BPN, a company called Parparticipadas.

Assets such as BPN IFI, BPN Crédito, BPN Brasil, amongst others, were not sold to Banco BIC as its acquisition of BPN was restricted to the bank in Portugal, which has around 1,500 staff and over 200 branches. (macauhub)