Despite their troubles, Portugal’s banks are continuing to invest in their Angolan operations. With prospects bleak in their homeland that strategy makes sense.
Last year the banks’ international businesses provided respite from the domestic gloom. Millennium BCP’s Angola subsidiary, Banco Millennium Angola, posted net profit up 61.4% in 2010 to €23.6 million.
Banco BPI’s Angolan business, Banco de Fomento Angola, also had a good year, with net profit up by 9.7% to €92.7 million. About 50% of BPI’s consolidated net profit in 2010 was derived from its Angolan operations.
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