Angola’s BIC Bank looking to expand in the region

21 March 2013

The board of Angola’s BIC bank wants to expand the business to Namibia and South Africa and also has plans for other countries in the region, said the bank’s chairman Fernando Teles.

Speaking to financial news agency Bloomberg, Teles said that the bank had already informed Namibia’s central bank that it was interested in opening some branches in the country, and that it also planned to open a representative office in Johannesburg (South Africa) and is analysing the markets of countries such as Botswana, the Republic of Congo, the Democratic Republic of Congo, Zambia and Gabon.

BIC, which in 2012 acquired Banco Português de Negócios (BPN) from the Portuguese State for 40 million euros, hopes that the Southern Africa Development Community (SADC) made up of 15 nations, will make cross-border acquisitions easier.

BIC, which plans to increase its branches in Angola from 188 to 213 at the end of the year, is waiting for the Portuguese government to accept its offer for BPN Brasil to open up offices in Brazil.

“Our aim is to open, as quickly as possible, six branches in Brazil’s six largest cities,” said the BIC chairman noting that, “Brazil is a market that is doing a lot of work with Angola.” (macauhub)