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Angola’s Banco BIC Has $760 Million to Expand in Angola, Brazil

March 13 (Bloomberg) -- Banco BIC SA, Angola’s biggest private bank in terms of branches, has $760 million to expand its network and carry out an acquisition in Brazil, Chief Executive Officer Fernando Teles said.

Banco BIC, which bought Banco Portugues de Negocios SA from the Portuguese government last year for 40 million euros, a transaction that didn’t include all BPN subsidiaries, agreed yesterday to pay another 30 million euros for BPN’s Cape Verde unit, Teles said in a telephone interview from Lisbon after signing the deal.

“In April, BIC made an offer for BPN’s operations in Brazil, and we are waiting for the government in Portugal to decide on the sale,” Teles said. “We are focused on this deal and on the expansion of our Angolan branch network.”

Adding branches is “important” to attract new clients, said Teles. BIC plans to increase its number of branches in Angola, Africa’s second-biggest oil producer, to 213 by the end of the year from 188 branches today, he said. About 22 percent of Angolans have access to banking services, according to audit firm KPMG LLP.

Portugal’s government said in a statement yesterday that the sale of BPN’s Cape Verde unit, BPN IFI, is a step toward its goal of selling the remainder of BPN’s assets that were nationalized by the Portuguese state last year.

BIC may also carry out a share sale once the stock market in Luanda opens, said Teles. The Angolan government has yet to announce a date for the opening of the stock market.

“When the stock market opens we will see,” he said.

Teles owns 20 percent of Banco BIC. Americo Amorim, one of Portugal’s richest men, and Isabel dos Santos, the daughter of Angolan President Jose Eduardo dos Santos, each hold 25 percent of Banco BIC, according to Teles.

To contact the reporter on this story: Henrique Almeida in Lisbon at halmeida5@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

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