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.
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