Banco BIC

Stock performance

History

Banco BIC was founded in the years following the end of Angola's civil war, during the country's oil-fueled postwar reconstruction boom, and grew rapidly into one of Angola's largest private banks, later expanding into Portugal by acquiring a struggling Portuguese bank, an unusual instance of Angolan capital investing directly into the former colonial power's financial sector.

Business model

Banco BIC provides retail and corporate banking services across Angola and, through its Portuguese subsidiary, a foothold in the European banking market, reflecting the unusual direction of Angolan investment capital flowing into Portugal following Angola's postwar economic boom.

Market position

Banco BIC is one of the largest private banks in Angola, and its acquisition of a Portuguese bank made it one of the more notable examples of African capital investing into European financial markets, a reversal of the more typical historical direction of investment flows.

Country impact

Banco BIC is one of the largest financial institutions in Angola, and its expansion into Portugal is frequently cited as a striking illustration of how Angola's oil-fueled postwar boom generated enough private capital to reverse the traditional colonial-era direction of investment between Angola and Portugal.