BESA earned a profit in its first full year of operations in 2002 and by 2008 it was named Best Bank in Angola by Global Finance magazine, an award it picked up again in 2009, 2010 and 2011. The selection criteria includes growth, return on assets, product innovation and competitiveness, as well as the quality of customer service.
In addition, World Finance magazine voted BESA as the Best Bank in Angola in 2009. According to the magazine, BESA won the award due to its activity in the Angolan market, marked by the quality of the products and solutions provided to its clients. The bank also stood out for the constant innovation of its financial structure, which enables the institution to offer high quality services.
The desire to excel was built in to the bank right from the beginning when it was set up by Lisbon-based Banco Espirito Santo to enter and help develop the fast-growing market in the former Portuguese colony of Angola. BESA’s top management still strives to be the best in all the areas where the bank already has operations, or where it plans to enter.
“We want to be leaders, to make a financial group where BESA is at the top,” says Alvaro Sobrinho, chairman of BESA. “There are many markets in which to expand. We believe the growth of Angola, and of private and public investment, is going to need many services, such as project finance, corporate finance, real estate leasing and financial leasing for companies. Therefore we will position ourselves at the top.”
BESA, which today has a 10 per cent market share in the country, offers its clients a wide range of products and services for individuals and for companies, from simple savings accounts to access to fixed-income and stock markets, in addition to the most sophisticated derivatives.
BESA provides savings products that meet the needs of its clients, including time deposits in both kwanzas and in foreign currencies.
The bank launched the first specialised private banking service in the country, with the goal of attracting clients’ savings and then reinvesting them in financial products that provide a safe and dependable return.
All customers benefit from BESA being part of the multi-national Banco Espirito Santo Group, present in 19 countries and on all continents. The size of the group permits BESA to respond promptly and efficiently to requests for cross-border transactions, for example.
BESA also opened the first trading room in Angola, which has real-time monitoring of international financial and capital markets. It offers Angolan clients access to global currency, equity, fixed income, derivatives, capital and money markets.
The bank also offers cash management services for companies in the public and the private sectors, using BESA’s expertise to help clients make the best use possible of international financial markets.
The bank has already identified other sectors of Angola’s financial industry that are poised for rapid growth, Mr Sobrinho says, such as insurance. Pension fund management is another area where BESA’s multinational roots give it the depth of experience to grow.
“Today, only the petroleum and other multinational companies have pension funds for their workers,” Mr Sobrinho says, “but Angolan companies are already looking for pension fund management services. Consequently, this is an area for us to explore and see where we can bring our expertise.”
BESA is also constantly looking for other areas of the economy where it can help channel investment. Angola’s real estate and tourist sectors have great potential and the bank is eager to help new businesses and outside investors enter those markets.
“Angola is a country with great tourism capacities and there is nothing in this area,” says Mr Sobrinho. “Start-ups and venture capital companies can invest in this type of business, with our help and advice.”
In addition to expanding the type of services it offers its clients, BESA is very actively expanding its physical presence within the country.
BESA also has medium-term plans to expand into other countries in the region, including South Africa and other members of the 15-country South African Devel-opment Community, or SADC, which includes Zambia, Tanzania, Botswana, Namibia and the Democratic Republic of Congo.
In all of its operational areas, BESA employs top-quality people to make sure clients’ needs are met efficiently and professionally. The bank hires from within Angola as much as possible, but will look abroad when necessary to make sure service quality is maintained.
“The bank has an agreement for on-the-job training in the Bank Espirito Santo Group and that allows us to send people to London and Lisbon to be trained,” explains the chairman. “This programme enables people to gain skills in different areas of the group.”
The bank takes its role as one of the country’s leading banks seriously and sending Angolans abroad for training is a valuable part of that, improving the national labour pool by educating locals and adding needed skills to the mix.
Angola has great growth potential, for BESA and for foreign investors, Mr Sobrinho says. The population of 13.3 million is young, with an average age of between 19 and 23 years, and could double in size over the next 15 years. Many people in that age group will increasingly need banking services. As the economy grows – and employment and the level of education both rise – more people will have greater levels of disposable income to buy other goods and services too. Furthermore, Angolan people are friendly and welcoming – another advantage for foreign investors.
The Government’s ambitious investment programme and revenue from oil means construction will be a growth sector for years to come, providing many direct and indirect investment opportunities.
BESA is already an important part of Angola’s economy, and is doing all it can to help promote growth. The bank is ready and able to assist investors seeking opportunities in the country, to the mutual benefit of everyone.
“There are many reasons to come to Angola, including the country’s political and social stability, and the Government’s social and infrastructure investment goals,” Mr Sobrinho says. “Angola is an emerging market and has very interesting sectors in which to invest.”
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