Net assets of Banco Espírito Santo Angola to total 1.8 trillion kwanzas by 2017

4 December 2012

The net assets of Angola-based bank Banco Espírito Santo Angola (BESA) are expected to total 1.8 trillion kwanzas (US$18.754 billion) by 2017, as compared to 800 billion kwanzas (US$8.335 billion) at the moment, the bank’s chairman, Álvaro Sobrinho said in Luanda Monday.

At the inaugural ceremony for the bank’s new headquarters, Sobrinho also said that between 2003 and 2011 deposits rose from 8.8 billion kwanzas to 288.1 billion kwanzas and that credit had increased in the same period from 2 billion kwanzas to 500 billion kwanzas.

BESA was officially founded in August 2001 and currently has capital of 1.7 billion kwanzas. It started operating on 24 January 2002 in Luanda.

According to Angolan news agency Angop, the BESA network in Angola increased from six branches in 2003 to 36 branches in 2011. This number is expected to increase to 56 by the end of 2013.

Meanwhile, Banco Espírito Santo Investimento (BESI) Brasil, also a subsidiary of Portugal’s Espírito Santo group, plans to start operating in Angola and Mozambique directly in 2013, according to Francisco Cary, the investment bank’s deputy chairman.

In Angola BESI plans to expand its investment banking business via an investment bank or a broker dealer and in Mozambique it will operate in partnership with Moza Banco, a bank in which the BES group has a stake. (macauhub)