More than 400 years after Portugal began setting up trading posts on the coast of the African territory now known as Angola, Lisbon-based banks have rediscovered the oil-rich economy of the former Portuguese colony as a fast-growing alternative to a small domestic market facing recession and a sovereign debt crisis.
Portugal’s three largest listed banks – Millennium BCP, Banco Espírito Santo (BES) and Banco BPI – are the dominant foreign banks in Angola, a market that in 2010 contributed 4%, 19% and 53%, respectively, to the banks' net income and which is forecast to continue driving banking activity with strong economic growth.
