Major public bank to be privatised

The Angolan government has begun the process of privatising a major public bank, the Bank of Commerce and Industry (BCI), news reports said on Thursday. According to reports, the state would sell off 51 percent of its shares in BCI, a bank with an estimated US $4.5 million in capital. The government was expected to inject a further US $1.5 million into the bank before concluding negotiations with private buyers. Meanwhile, a new bank - Banco Sol - was launched in Angola, aiming to provide loans to the nation's poorest people, especially in rural areas. Banco Sol opened its first branch outside Luanda on Wednesday in the town of Bengo, 60 km north of the capital, where most residents are poor farmers.