/ 9 October 2001

ANGOLA TO PRIVATISE MAJOR PUBLIC BANK

LUANDA, Oct 3 (AFP) – ANGOLA’S government has begun the process of privatising a major public bank, the Bank of Commerce and Industry (BCI). The state will sell off 51% of its shares in BCI, a bank with $4,5-million in capital, said a source close to the finance ministry. The government will inject another $1,5-million of capital into the bank, before concluding its negotiations with private buyers, the source said. Meanwhile, a new bank has been created in Angola, Banco Sol, which aims to provide loans to the nation’s poorest people, especially in rural areas. Banco Sol opened its first branch outside Luanda on Wednesday, in the town of Bengo, 60 kilometers north of the capital where most residents are poor farmers. – AFP