Angola: Stanley Ho’s Geocapital enters Angolan bank market
Thématique :
angola
2008-10-24
Geocapital has entered the Angolan financial market in partenrship with state oil company Sociedade Nacional de Combustíveis de Angola (Sonangol), the company’s chairman and shareholder, Jorge Ferro Ribeiro told Portuguese financial newspaper Diário Económico.
For that, said Ferro Ribeiro, a company called Geopactum was set up, in which a majority stake – 50.01 percent is in the hands of two Sonangol subsidiaries, Banco Privado Angolano (BPA) and Global Pactum, the oil group’s insurer, and Geocapital has kept the remaining 49.9 percent.
According to Ferro Ribeiro the deal also includes Geocapital taking a stake in Banco Privado Atlântico (BPA), a process that is expected to take place simultaneously with that of Millennium bcp, as a result of an agreement recently signed between BCP and Angola – in which BCP sold 49 percent of Millenium Angola to Sonangol (29.9 percent) and BPA (20 percent).
The date and details of Geocapital’s involvement in BPA’s capital have yet to be defined (direct sale of shares or capital increase).
Diário Económico said however that Geocapital’s stake or that of Geopactum was likely to be identical to that of Millennium bcp, of around 10 percent, and that it would be finalised by the end of the year, with the fact that Stanley Ho himself already owning a direct and indirect stake in BCP of 3 percent, having some influence.
Geocapital, first entered the banking sector in Guinea BIssau where in 2007 it acquired a majority stake in Banco da África Ocidental (BAO), the country’s largest financial institution.
Six months later, it went into Mozambique by launching Moza Banco, which is 51 percent owned by Moçambique Capitais – a company owned by 250 local investors – and 49 percent by Geocapital.
Geocapital has entered the Angolan financial market in partenrship with state oil company Sociedade Nacional de Combustíveis de Angola (Sonangol), the company’s chairman and shareholder, Jorge Ferro Ribeiro told Portuguese financial newspaper Diário Económico.
For that, said Ferro Ribeiro, a company called Geopactum was set up, in which a majority stake – 50.01 percent is in the hands of two Sonangol subsidiaries, Banco Privado Angolano (BPA) and Global Pactum, the oil group’s insurer, and Geocapital has kept the remaining 49.9 percent.
According to Ferro Ribeiro the deal also includes Geocapital taking a stake in Banco Privado Atlântico (BPA), a process that is expected to take place simultaneously with that of Millennium bcp, as a result of an agreement recently signed between BCP and Angola – in which BCP sold 49 percent of Millenium Angola to Sonangol (29.9 percent) and BPA (20 percent).
The date and details of Geocapital’s involvement in BPA’s capital have yet to be defined (direct sale of shares or capital increase).
Diário Económico said however that Geocapital’s stake or that of Geopactum was likely to be identical to that of Millennium bcp, of around 10 percent, and that it would be finalised by the end of the year, with the fact that Stanley Ho himself already owning a direct and indirect stake in BCP of 3 percent, having some influence.
Geocapital, first entered the banking sector in Guinea BIssau where in 2007 it acquired a majority stake in Banco da África Ocidental (BAO), the country’s largest financial institution.
Six months later, it went into Mozambique by launching Moza Banco, which is 51 percent owned by Moçambique Capitais – a company owned by 250 local investors – and 49 percent by Geocapital.
