Capital of Banco Espírito Santo Angola to be increased to US$500 million

4 October 2013

Portuguese financial group Espírito Santo plans to increase the capital of Angolan bank Banco Espírito Santo Angola (BESA) to US$500 million, the chief executive of BES, Ricardo Salgado said in Luanda.

At the end of a meeting with the Angolan President, the Portuguese group’s CEO said that the process of increasing the capital of BESA was “underway” and would be carried out “quickly.”

Cited by newspaper Jornal de Angola, Ricardo Salgado said the decision was based on a need to give the bank greater financial capacity for its regional expansion.

Salgado also said that BESA, as well as managing investment funds and working in the insurance market, planned to focus on leasing and factoring.

The Espírito Santo also ahs a project to build a private hospital, Hospital da Luz, in Luanda, as part of a partnership between healthcare subsidiary Espírito Santo Saúde and construction company Teixeira Duarte, and due to begin in the first half of 2014. (macauhub)