Another off-shore bank is ready to begin operating in Cape Verde. The Banco Espírito Santo Cabo Verde, is an international financial institution located on Cidade de Lisboa avenue in Praia and expected to open in the first days of July by the Espírito Santo Group’s executive administrator, Ricardo Espírito Santo Salgado.

The off-shore bank is the Banco Espírito Santo’s first step toward opening a branch aimed at the Cape Verdean market. Indeed, the Portuguese banking group’s intention was originally to operate as a commercial bank, but the Cape Verdean government has so far only authorized it to operate as an international financial institution.

As soon as it obtains its license from the government, the Banco Espírito Santo will open a branch in Praia and begin its global investment package for Cape Verde, which also includes an architectural complex with a conference center, a five-story hotel and a tower.

The opening of Banco Espírito Santo’s international financial institution will increase the number of off-shores authorized to operate in Cape Verde to eight. So far, the country has operating in its territory Banco Insular, Banco Sul Atlântico (whose social capital is held by the African Investment Bank, Sonangol Cabo Verde and individual private investors), Banco Fiduciário Internacional (whose capital belongs to individual private Portuguese and Cape Verdean investors), and, more recently, Montepio Geral Cabo Verde. In addition, BPN Cabo Verde, Banco Internacional Trading and Banco Internacional de Investimentos are set to open their doors in the near future