Sonangol is largest shareholder of the Angola’s new Banco Económico bank

31 October 2014

Angolan state oil company Sonangol will be the largest shareholder of Banco Económico, SA, the bank that has replaced Banco Espírito Santo Angola, Portuguese financial daily Jornal de Negócios reported.

Sonangol’s entry in the capital of the new BESA is part of a capitalisation plan that the National Bank of Angola set out for the bank as a result of its intervention.

The oil company is expected to provide a significant part of the capital injection that Banco Económico SA will receive, invest about US$252 million, which will allow a 35 percent stake in the bank.

Apart from Sonangol, BESA’s new shareholder structure will also include Lektron Capital, a Chinese-owned company, and Angolan group Geni, which was already a shareholder in BESA.

The strategy defined by the Angolan central bank involves transforming Banco Económico SA, into a bank focused on investment for large companies. (macauhub/AO/PT)