Bank of Brazil sets up business with Portuguese Banco Espirito Santo in Africa

Bank of Brazil and Portuguese lender Banco Espirito Santo (BES)
are to launch a joint-banking business in Africa.

Bank of Brazil’s chairman, Aldenir Bendine, said that the two
banks are going to sign an agreement within the next two months and
become business partners in Africa.

The business will cover all areas of banking, including retail
banking.

The business will kick off in Cape Verde and Angola.

Bendine told Brazilian news agency Estado that the
partnership may extend to Mozambique later.

Last week, BES’s subsidiary BES Africa
acquired a 25.1% stake in Mozambique-based Moza Banco.

According to a study by consultant KPMG, Moza
Banco had the biggest turnover among the top 100 companies in the
country.

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