Ver Angola

Banking and Insurance

CGD leader highlights the Angolan government's trust in Caixa Geral Angola

The chairman of the Executive Committee of Caixa Geral de Depósitos de Portugal said this Wednesday, in Luanda, that the choice by the Angolan authorities of Banco Caixa Angola for privatization is a sign of confidence in its sustainability.

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Paulo Macedo was speaking to the press at an event that served to present the institution's main guidelines for the near future, which was attended by the chairman of the executive committee of Caixa Geral Angola bank, João Pires.

According to Paulo Macedo, Caixa Geral Angola's objective is to contribute to the development of the economy and maintain its profitability, which currently ranks between seventh and eighth in the national banking system.

"It is a profitable, solid bank, and it serves a significant number of companies and individuals and that we are very proud of, because it was chosen to be the object of one of the first entities to be privatized, which means the trust that exists on the part of the authorities in the bank and the possibility it has of being sustainable in the future and making its way into the stock market", he said.

The bank Caixa Geral Angola is among the assets that the State has selected for sale in the coming years, and is expected to be placed on the stock exchange this year, according to the Instituto de Gestão de Activos e Participações do Estado (IGAPE).

Paulo Macedo stressed that several projects have been supported in Angola, most of them by Caixa Angola, "the entity that knows the country, knows the terrain".

"Caixa Geral de Depósitos has also supported both through guarantees and through joint financing with the Portuguese State and, therefore, Caixa has, I would say, between the Portuguese State, the lines that are open and those that may be opened, plus the support of the box itself, considerable amounts", said Paulo Macedo, refusing to reveal the value, before analyzing the projects.

According to the chairman of the Executive Committee of Caixa Geral de Depósitos, in 2021 the bank grew by around 20 percent in credit and also has a growth perspective this year, despite the “great uncertainty” due to the war in Europe.

"We have to understand exactly what will happen in terms of investors. Obviously there is good news for Angola, there is a great demand for fuel, there is also a higher price and we hope that this will allow the Angolan economy to diversify and the bank will contribute for that", he stressed.

In 2021, highlighted Paulo Macedo, the bank achieved a significant result of 44 percent growth, most of it outside Portugal, namely in Macau, Mozambique and Angola.

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