Cape Verde has conditions to be financial platform for West Africa

11 July 2013

Cape Verde has all the conditions to become a platform for financial services in West Africa, the head of the island country’s Banco Espírito Santo (BES) subsidiary, Pedro Cudell, stated in Praia.

To mark the third anniversary of Banco Espírito Santo Cabo Verde (BES-CV), the institution hosted a conference that presented an optimistic view of Cape Verde’s future, highlighting as trumps that it was a free and democratic country, “very well classified” by international organisations such as the Mo Ibrahim Institute.

The BES-CV president stressed that Cape Verde has “top quality human resources and a balanced financial system very well supervised by the central bank,” reports pan-African news agency Panapress.

The head of Banco de Cabo Verde, Carlos Burgo, said BES Cabo Verde had made an “important contribution” to the country’s financial system, namely by providing services to non-residents.

In that regard, he said the Portuguese bank’s arrival in Cape Verde was “an encouraging sign” indicating trust in the Cape Verdean financial sector, which has become “stronger”. The BES presence is also “an opportunity to explore the potentials of Portuguese speaking markets and the African sub-region.”

BES has been in Cape Verde since 2006 via a financial branch abroad. In July 2010 it opened an all-purpose bank under Cape Verdean law, BES-CV, with a starting capital of 13 million euros. (macauhub)