The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Angola’s elite looks to clean up in Portugal

With Portugal struggling to pay its debts and the economy shrinking, the 
country needs help. Enter Angola – oil rich, with money to burn, and Portugal’s former prized colony. Angolan investment is growing fast – and nowhere more quickly than in the country’s troubled banks. Some Portuguese are up in arms about it. Sudip Roy reports.

ON JUNE 9, hundreds of African government officials, business leaders and financiers will arrive in Lisbon to attend the 46th annual meeting of the African Development Bank. There’s a historical and commercial logic in the Portuguese capital hosting the meeting. The European nation’s connection to Africa goes back to the 15th century when its sailors began exploring the continent’s coasts, eventually annexing territory in both the southwest and southeast.



Yet there’s a big irony, too, brutally demonstrating how the tables have turned for the country that built Europe’s first global empire.

With Portugal’s economy teetering on the brink of collapse, it is pinning its hopes of recovery on its former prized colonies, none more so than Angola. With its plight continuing to worsen, the AfDB meeting might yet degenerate into a cry for help from Portugal to the oil-rich African country that it ruled for four centuries.

Angola is a key market for Portuguese exporters as well as an important destination for its businesses as they seek to become more international. These include the country’s leading banks, such as Millennium BCP, Banco Espírito Santo (BES), Banco BPI and state-owned Caixa Geral de Depósitos (CGD), all of which have successful Angolan subsidiaries.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree