The Banco Angolano de Negócios e Comércio (BANC) has opened an office in Portugal and is studying plans to open a branch within two or three years, said the bank’s representative in Portugal, Sara Macias.
“The arrival in Portugal via the representative office is the first internationalisation step for BANC, whose directors want the office to soon be complemented by a bank branch,” Macias told Lusa news agency.
The representative office opened last Friday. “In 2015 or 2016 the branch will open,” she said, adding that this would be the natural path for BANC to take, “like the other banks that have come from Angola” such as Banco BIC or Banco Privado Atlântico Europa.
Macias explained that the new office does not have any banking activity for the time being, adding that a study of the Portuguese market is under way to help decide whether the eventual bank will be for retail or investment.
In the future the representative office will function as a BANC portal for the European market. It will be used to “provide information to clients and to all those who want to enter Angola,” Macias said.
Potential BANC clients in Europe are from “Spain, due to the proximity to Portugal, Italy, which has some difficulty entering directly in Angola, and all other” entrepreneurs or individual customers from the rest of Europe, she said. (macauhub)