Novobanco quits Cape Verde’s International Investment Bank

 In Banks, News, Novo Banco

Portuguese bank Novobanco has exited the Cape Verde market after it sold the remaining 10% share it had in IIBCV (International Investment Bank of Cape Verde) to the IIB Group which holds the other 90%.

According to Negócios, the news was conveyed by the chair of the IIB Group, Sohail Sultan in an interview with the business daily. The sale price was not divulged.

“Novobanco had the right to sell us its share and it exercised that right. The transaction was completed a week ago and now we have 100%”, said Sohail Sultan. Novobanco bank has not commented.

The IIB Group, which has banks in the Middle East, East and West Africa, and the Caribbean, and has shown an interest in buying a bank in Portugal, does not intend to hold a 100% stake in IIBCV permanently.

“Our intention is to open up the share capital to attract other local and international investors”, said Sohail Sultan, “by selling the 10% that we have just acquired (from Novobanco) and as and when we need more capital in the future, we will consider issuing more shares and open up the possibility of attracting more capital.

“Right now, this is not a priority and all capital requirements for the bank are being met by the group or are being met through the success of the operation,” he added.

Cape Verde’s IIB Group focuses on areas such as banking operations, transactional banking, and wealth and asset management.

In 2003 it achieved the highest profits ever with net results of €6 million, 55% more than in 2022.