Africa: Bradesco’s continental shift

Can you explain the timing of Bradesco’s decision to expand into Africa?


We have signed a memorandum of understanding with Banco do Brasil and BES [Banco Espírito Santo] and our intention is to evaluate the business that BES already has in Africa – which is mainly in Angola because that is the most important country for BES. The memorandum of understanding outlines creating a holding company with our partners to develop and expand our transactions and presence in Africa. But it is important to say that at present we have just signed a memorandum of understanding that takes us to the end of the year, by which time we intend to have concluded the due diligence evaluation of the assets and proposal.

This is a deal that primarily concerns BES’s existing assets.