Stash the cash

Angola's decision to set up its own sovereign wealth fund, as Africa Confidential recently reported (AC Vol 49 No 3), is only part of the picture. Fernando Ulrich, Chief Executive of the Banco Português de Investimento, remarked in January that Angola's state oil company, the Sociedad Nacional de Combustibles de Angola (Sonangol), already operates rather like a sovereign wealth fund as it acquires stakes in assets overseas. BPI is itself negotiating the possible sale to Sonangol (perhaps with other, private, Angolan interests) of 49.9% of the wholly-owned BPI subsidiary, the Banco de Fomento Angola, one of Angola's largest banks.

Article Tags:
Fernando Ulrich, Manuel Vicente, Portugal, United States, Syanga Abílio, Mateus de Brito, Fernando Roberto, Anabela Fonseca, André Lelo, José Gime, Gabon, China, Argentina, French, José Eduardo dos Santos, Isabel dos Santos, Américo Amorim, Russian, Brazil, Africa Confidential, Banco Português de Investimento, Sociedad Nacional de Combustibles de Angola, Banco de Fomento Angola, Sonangol Empresa Pública, force majeure, Pesquisa e Produção, Amorim Energia, Energias de Portugal, Banco Comercial Português, Banco Millennium BCP, Banco Santander, Caixa Geral de Depôsitos, Banco Totta de Angola, Banco Espírito Santo, Portugal Telecom, Unitel

end of preview

To read the rest of the article you need to either log in or do one of the following:

Subscribe to Africa Confidential Find out more
Purchase this article on its own Find out more

If you have a print subscription already please click here for full access to the website.
If you have already logged in and believe you should have access to this article please contact customer services.