Angolan bank Banco de Poupança e Crédito resumes lending to the economy

6 January 2017

Angolan bank Banco de Poupança e Crédito (BPC) will resume lending to the economy over the first quarter of 2017, the bank’s chief executive, Zinho Baptista said recently.

BPC announced in mid-2015 it was spending credit to the economy, explaining the move was due to the reduction of resources due to low oil prices on the international market.

In that period, the state began to collect less revenue from the sale of oil and, because of this, fewer funds have been available to BPC, the largest State bank, to lend to businesses and families. The bank has the highest rate – 23% – of loans that are non-performing or overdue for more than 90 days in the Angolan financial system.

BPC’s shareholders are the Finance Ministry, representing the Angolan State, the Social Security Fund of the Angolan Armed Forces and the National Social Security Institute (INSS).

On Wednesday, the BPC increased it number of branches across the country from 442 to 444 by opening two new branches in Luanda.

The bank said opening the two branches was intended to optimise its distribution channels and improve services provided to customers of the largest public bank in Angola, which has 163 branches in Luanda alone. (macauhub)