Africa: Bradesco’s continental shift

“If we conclude the deal the results will come for the next two decades” Norberto Barbedo, Bradesco

Can you explain the timing of Bradesco’s decision to expand into Africa?

We have signed a memorandum of understanding with Banco do Brasil and BES [Banco Espírito Santo] and our intention is to evaluate the business that BES already has in Africa – which is mainly in Angola because that is the most important country for BES. The memorandum of understanding outlines creating a holding company with our partners to develop and expand our transactions and presence in Africa.