Ecobank, Portuguese bank sign bilateral agreement

Ecobank Group said it had entered into alliance withPortugal’s third largest commercial bank, Banco Espírito Santo (‘BES’) to develop trade and investments betweenPortugalandAfrica.

In a statement by the bank, the Memorandum of Understanding (“MOU”), which was signed at BES’ Lisbon headquarters 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.

“We look forward to working with BES to develop trade and investments betweenPortugalandAfrica. 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. Arnold Ekpe, Ecobank’s Group CEO said.

Mr. Ricardo Salgado, President of BES added that there is already a deep connection betweenPortugalandAfrica, 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 betweenPortugalandAfrica”

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