Ver Angola

Banking and Insurance

Victor Cardoso replaces Carlos Duarte at the head of Banco Económico

Victor Cardoso will be the new executive chairman of Banco Económico (former BESA), following the resignation of Carlos Duarte, the financial institution announced this Tuesday.


According to a statement sent to Lusa, Carlos Duarte resigned as chairman of the Executive Committee and member of the Board of Directors "for personal reasons", with effect from Monday.

In view of the decision, which had already been reported on Monday by the newspaper Expansão, the Board of Directors appointed director Victor Cardoso as chairman of the Executive Committee, a decision still pending approval by the National Bank of Angola.

Victor Cardoso "has a solid academic curriculum and a notable professional career in the financial system, having performed over several years the functions of director of several financial institutions in Angola and abroad, with his skills and experience being perfectly suited to the new function", said Banco Económico (BE), in the same statement.

Jorge Ramos was reappointed as executive director and member of the Board of Directors of BE, who highlights his "over 30 years in the financial system and his leading role in the management" of the bank.

BE has a recapitalization and restructuring plan in progress, which foresees redundancies, and whose continuity is assured, according to the Board of Directors, which aims to reaffirm the bank "as one of the main institutions of the Angolan financial system".

The Board of Directors expressed "recognition and gratitude" to Carlos Duarte for his "commitment and contribution to the Bank's restructuring process and to his executive leadership", reads the statement.

Since October, Banco Económico (formerly BESA) has been exclusively owned by the Private Subscription Venture Capital Fund, made up of the largest depositors.

This entity is supervised by the Capital Market Commission and exclusively includes depositors who voluntarily adhered to the recapitalization initiative.

According to Expansão, there are 40 depositors who have joined the agreement that allows using 65 percent of deposits to recapitalize the bank, created following the bankruptcy of Banco Espírito Santo Angola (BESA) in 2014.


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