Angola’s BIC bank has capital to expand in Angola and to make acquisitions in Brazil

14 March 2013

Angola’s BIC bank has US$760 million to expand its network of branches in and to make acquisitions in the Brazilian market, said the chairman of the bank, Fernando Teles, speaking to financial news agency Bloomberg.

The plan to expand BIC points to increasing its branches to a total of 213, as compared to 188 at the moment. The bank already has the largest number of branches of any bank in Angola.

The chairman of BIC noted that in April 2012 the bank made a proposal to the Portuguese government to buy the assets of nationalised Portuguese bank Banco Português de Negócios in Brazil, and is waiting for a decision.

“We are focused on this deal [acquisition of BPN in Brazil] and on expanding our network in Angola,” Teles said.

BIC in Portugal, which is controlled by BIC, bought Banco Português de Negócios for 40 million euros in 2012 and this week acquired the Cape Verdean branch of BPN, Banco Português de Negócios – Instituição Financeira Internacional de Cabo Verde for 30 million euros.

The BIC group is owned by bankers associated to Portuguese businessman Américo Amorim and Angolan businesswoman Isabel dos Santos, each with a stake of 25 percent, and the chairman of BIC Angola owns a 25 percent stake. (macauhub)