Cabo Verde state buys Geocapital’s stake in Caixa Económica de Cabo Verde bank

9 July 2019

The Cape Verdean state plans to acquire the shares held by Geocapital in the Caixa Económica de Cabo Verde bank, whose acquisition by International Holding Cabo Verde was approved by the central bank last May, according to an official announcement made on Monday.

The government of the archipelago said in a statement quoted by the Inforpress news agency that the entire 27.44% stake held by that company in Caixa Económica would be acquired by the state, as part of an initiative to, “transform Cabo Verde into a financing platform country.”

The Bank of Cabo Verde (BCV) on 3 May said it had approved the acquisition of a 27.44% stake in Caixa Económica de Cabo Verde by International Holding Cabo Verde (IHCV), owned by Spanish businessman Enrique Bañuelos de Castro, after considering that it ensures “sound and prudent management” of the bank.

According to the BCV, in July 2018, the IHCV notified it of an intention to “acquire shares representing up to 30% of the capital stock of Caixa Económica de Cabo Verde,” and four months later GeoCapital – Gestão de Participações informed the Cape Verdean central bank of its intention to “dispose of the shares” that made up its stake in Caixa Económica de Cabo Verde.

Caixa Económica de Cabo Verde was founded on 18 May 1928 under the name Caixa Económica Postal and was transformed into an autonomous financial institution in December 1985. (Macauhub)

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