Petroleum Africa
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Thursday, November 6, 2014
Angola’s state-owned oil and gas company, Sonangol, has added to its business portfolio by entering the banking sector in Angola. The firm gave local bank Banco Economico, SA (BESA) a cash injection of over $250 million.
“The oil company is expected to provide a significant part of the capital injection that Banco Económico SA will receive, invest about $252 million, which will allow a 35% stake in the bank,” said Sonangol in a statement.
Other investors in BESA include Lektron Capital, a Chinese-owned company, and Angolan group Geni.
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