Joint Cape Verdian and Angolan investment bank to begin operations

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Flag of Angola
Flag of Angola

An investment bank established with Cape Verdian and Angolan capitals will begin operation from October 1 in Cape Verde, sources close to the government announced Saturday. The bank is expected to support the economies of the two countries by offering adequate financing to its customers. To be known as the African Investment Bank (AIB), the institution has an authorised capital of 90 million euros — held by BAI-Angola (71%), SONANGOL, an oil company, (19%) and the Cape Verdian enterprise SOGEI (10%). Speaking at the presentation ceremony of the new bank, the Cape Verdian Minister of Economy and Competitiveness, Fátima Fialho, expressed the hope that the new bank would introduce viable products and services to Cape Verde. Angolan group BAI operates in Brazil in partnership with BPN Brasil; in Sao Tome with the International Bank of STP; and in Portugal with the BAI Europe.

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