Angolan bank Banco Sol wants to expand into Portugal and Brazil

30 September 2014

Angolan bank Banco Sol plans to expand to Portugal and Brazil, said the bank’s chairman, for whom the immediate priority is to launch operations in Namibia in the first half of 2015 and then in Mozambique.

“We are considering opening a representative office in Portugal and then in Brazil, since the bank wants to follow the growth of the Angolan economy and its internationalization process,” said Coutinho Nobre Miguel Friday in Luanda.

The official was speaking on the sidelines of the presentation of the 9th edition of the Angolan study “Banking under Analysis,” by Deloitte, positioning Banco Sol as the eighth largest in Angola,in terms of net profit, with 3.465 billion kwanza (US$35.2 million) in 2013.

Banco Sol appears in 9th place in terms of loans to customers, with a market share of 2.8 percent, equivalent to US$152 million dollars and a ratio of defaulted loans of 5.2 percent.

In Angola Banco Sol has 154 branches, serving 620,000 customers. (macauhub/AO/BR/PT)