Angolan oil company Sonangol creates housing loan bank

26 February 2013

Angolan bank Banco de Promoção para o Desenvolvimento, which was set up by oil company Sonangol and Portuguese state financial group Caixa Geral de Depósitos (CGD), has been formally closed down, the chairman of Sonangol said Monday in Luanda.

Marking the 37th anniversary of Sonangol, Francisco de Lemos Maria also said that the bank had been closed down following a license being granted by the National Bank of Angola to housing loan bank Banco de Poupança e Promoção Habitacional.

“The Sonangol/CGD has been formally closed and that occurred on the day when the National Bank of Angola issued a license to Banco de Poupança e Promoção Habitacional,” he said.

I order to set up Banco de Poupança e Promoção Habitacional, Sonangol, in partnership with Sonangol Imobiliária e Propriedades (Sonip) bought the 50 percent stake owned by the CGD group in Banco para a Promoção e Desenvolvimento, which had a license from the National Bank of Angola but which never started operating.

With Banco de Poupança e Promoção Habitacional (BPPH), the Angolan banking sector now has 24 retail banks. (macauhub)

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