Bank of Brazil considers partnering Angolan bank

22 August 2013

The Bank of Brazil (BB) may, at some time in the future, partner an Angolan bank in Angola, the manager of the Brazilian bank’s representative office set up in Luanda in 2004, said Wednesday.

On the sidelines of a meeting organised by the Association of Brazilian Executives and Businesspeople in Angola (Aebran), manager Ângelo Mendes Lima also said that any future decision would depend on mergers and acquisition of bank in Angola, which he said was “something that is expected to happen over the next few years.”

According to Portuguese news agency Lusa, Mendes Lima did not name the Angolan bank that the Bank of Brazil has in mind, saying only that, “the bank continually looks at the situation, which changed radically when the foreign exchange law was put in place for oil companies,” requiring all financial transactions to be carried out in Angolan currency.

Mendes Lima added that in 2012 alone the Bank of Brazil had transactions in Angola totalling US$150 million, which he considered “representative” for a bank that has a single office in Luanda.

The Bank of Brazil is a Brazilian state bank. (macauhub)