Angolan Bank BIC increased its share capital from 3.3 billion kwanzas to 20 billion kwanzas, almost three times the minimum value of 7.5 billion kwanzas required by the National Bank of Angola by the end of the year, in line with a decision taken at a general meeting of the bank held on Thursday in Luanda.

The National Bank of Angola announced in early March that the commercial banks operating in the country would have until the end of the year to increase their share capital from the current minimum of 2.5 billion kwanzas to at least 7.5 billion kwanzas, according to Notice 2/2018 of the National Bank of Angola referring to “Adequacy of Minimum Social Capital and Regulatory Own Funds of Financial Banking Institutions.”

The chairman of the Board of Directors of Banco BIC, Fernando Teles, said that in 2017 the bank posted a net result of 34 billion kwanzas, against 33 billion kwanzas in 2016, a year-on-year increase of 1.75%

Banco BIC is present in Portugal, Cabo Verde (Cape Verde), South Africa and Namibia and intends to expand its services to China.

Established 13 years ago, BIC has 227 branches in 100 municipalities, with a portfolio of 1.4 million customers. (macauhub)