Arab investment group wants to buy CGD bank

The IIB Group, based in Bahrain, has expressed interest in acquiring Banco Comercial do Atlântico (BCA) in Cape Verde, which is 59.81% owned by Caixa Geral de Depósitos (CGD). The group aims to strengthen its presence in the Cape Verdean market after an unsuccessful attempt to acquire Efisa and Banco Português de Gestão in Portugal. The plan involves integrating this acquisition with the bank IIB already purchased in Cape Verde in 2019, with the goal of reinforcing its position in a Lusophone country and within the sphere of European influence. However, this acquisition is being closely monitored due to concerns about the group’s operations in countries such as the Bahamas and Djibouti.

While these activities should be viewed with caution, there is at least one undoubtedly positive aspect to them: Cape Verde is becoming an increasingly attractive destination for global investors, who are strategically positioning themselves in anticipation of the expected boom in the development of the economy, construction and services of this increasingly robust island nation.

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