Former BES Angola ‘returns’ to Portugal

  • ECO News
  • 12 October 2016

Banco Económico arose from the rubble left by BES Angola in October 2014. Now, they want to function in Portugal and are examining their options.

ECO knows that Banco Económico, former Banco Espírito Santo Angola (BESA) wants to function in the Portuguese market. It is a bank controlled both by Sonangol, the company that manages oil and gas reserves in Angola, and Novo Banco (the Portugese bank owns 10%); the bank based in Luanda is said to be exploring the possible routes, even though they must be thoroughly examined by the Bank of Portugal and by Europe’s banking supervision mechanism.

The administration of Banco Económico refused to give ECO any details about their plans for Portugal, making it still unclear whether or not this market entry will happen by means of branch or subsidiary.

"On this matter it is convenient we refrain from commenting.”

The administration of Banco Económico

The Bank of Portugal also refrained from commenting on the initiative of Banco Económico, although it will have to intervene; the process will be lengthy since Angola is not considered an equivalent in terms of supervision according to European rulings.