The president of BCN’s administrative council says that “seeking a partner was one of the company’s strategic objectives from the very beginning.” With Banif’s interest, “this objective was met with an institute that enjoys a solid reputation in Portugal and in the Portuguese-speaking countries, namely Brazil, and in countries with large [Portuguese and Cape Verdean] émigré communities.”

With the partnership, BCN hopes to increase its commercial activities in Portugal and its exposure to Portuguese and Cape Verdean émigré communities in the rest of the world. It also hopes to increase its capacity to finance large-scale projects and gain know-how in risk evaluation and negotiations in the area of tourist and real-estate projects.

During the BNC’s general assembly, held on April 18, the bank’s 2007 plan of activities was approved, and, with the partnership with Banif, a number of alterations in the company’s strategy are expected. “We want to begin by activating our relationship with [Cape Verdean] communities abroad. There is a qualitative, growing interest on the part of émigrés with regards to Cape Verde, which will create new needs in terms of financial and investment services,” said Manuel Chantre.

For Cape Verdeans residing in the archipelago itself, the BCN wants to “improve client service and provide more products and services.” New braches of the bank will also be opened over the course of the year on the island of Fogo and Santa Maria, and Praia and Mindelo will both see the opening of second branches.

With Banif’s participation, BCN saw a capital increase of some 700 million escudos, “which places it above last place, the position it had occupied until now.”

According to BCN’s 2006 accounting report, the bank saw net revenues of 15.96 million escudos, and its credit portfolio grew 116%.

Source A Semana