Angolan bank Banco BIC plans to enter Chinese market

10 April 2014

Angola’s Banco BIC is expanding, specifically into South Africa and Namibia as well as further afield, in China, which is Angola’s largest oil buyer, the chairman of the bank said in Johannesburg.

During the Africa Investment Summit, organised by financial news agency Reuters, Fernando Teles said that in this phase, “we are looking around us,” particularly to the 15 member nations of the southern Africa Development Community (SADC), “given the relationships that already exist and that will be strengthened.”

The bank opened a representative office in Johannesburg, South Africa, last February and has already made a request to the Namibian authorities for a bank concession to operate in the country.

In Brazil, where Banco BIC bought the network of Portugal’s nationalised bank Banco Português de Negócios (BPN), BIC is waiting for the central bank to issue a banking license in the next few months, after which it plans to open branches in several cities and serve customers that do business between Brazil, Portugal and Angola.

The bank also operates in Portugal, where for 40 million euros it acquired Banco Português de Negócios, gaining a network of branches and a portfolio of customers that allowed it to post a profit of 2.5 million euros in 2013 after posting losses in previous years.

In Angola, where it is the largest private bank by number of branches, its expansion continues. This year it has opened 10 new branches and is building another 25, which “will be added to the 202 with which we ended 2013.”

The main shareholders of Banco BIC are Angolan businesswoman Isabel dos Santos and Portuguese businessman Américo Amorim, with 25 percent each, the bank’s chief executive, Fernando Teles, with 20 percent and Sao Paulo-based transport businessman, António Ruas, with 10 percent. (macauhub)

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