Banco BIC of Angola enters Namibian market

13 October 2014

Banco BIC of Angola has received authorisation from the Central Bank of Namibia to operate in the country, a first step to extend its business to the member countries of the Southern African Development Community (SADC), the bank said.

The authorisation granted by the Namibian central bank is provisional for a six-month period and gives Banco BIC time to complete feasibility studies to back up its business plan to enter the market.

During this six month period, the Banco BIC Namibia is not entitled to carry out any kind of banking activity, especially customer acquisition.

This entry into the Namibian market coincides with a reshuffle of the shareholder structure of Banco BIC, in which Portuguese businessman Américo Amorim sold his 25 percent stake in the bank, thereby strengthening the shareholdings of businesswoman Isabel dos Santos and of the executive chairman of the bank Fernando Teles.

Last February Banco BIC opened a delegation in Johannesburg, South Africa, and is now preparing to open a representative office in China, which is the main buyer of Angolan oil. (macauhub/AO/PT)