Ecobank and Banco Espírito Santo enter into alliance on Africa trade and investments
Portugal’s third largest commercial bank, Banco Espírito Santo (‘BES’) and the Ecobank Group, the leading pan-African banking group with a presence in 32 African countries, have entered into a cooperation agreement to develop trade and investments between Portugal and Africa.
The Memorandum of Understanding (“MOU”), which was signed at BES’ Lisbon headquarters on July 13th 2012, envisages joint effort and cooperation on the network of customers and branches of both banks to support and encourage trade and investments between Portugal and Africa and in particular Lusophone Africa.
Mr. Arnold Ekpe, Ecobank’s Group CEO, remarked:
“We look forward to working with BES to develop trade and investments between Portugal and Africa. Ecobank is currently present in 3 Lusophone countries and this alliance will enable us to leverage our presence and local knowledge in these countries as well as in the other countries in Africa where we are present to better serve BES’s customers in Portugal and Europe doing business in Africa”
Mr. Ricardo Salgado, President of BES, added:
“There is already a deep connection between Portugal and Africa, owing to our shared heritage. We look forward to working closely with Ecobank to capitalize on the trade and investment opportunities that are springing up, particularly as a result of growing trade between Portugal and Africa”
This article was originally posted on Africa Banking Network