Banco Comercial do Atlântico
Encyclopedia
The Banco Comercial do Atlântico (Portuguese
meaning the "Atlantic Commercial Bank") is a Cape Verde
an bank. The headquarters of the company is located Praia
, the largest city, on Santiago Island
in Cape Verde
. The bank has 23 branches and sub-branches spread over all 9 inhabited Cape Verdean islands. In 2000 it introduced ATMs and debit cards and now accounts for about half of both in the islands.
, which had been operating since 1975. The government had created Bank of Cape Verde by nationalizing the operations of the Portuguese
colonial and overseas banks, Banco Nacional Ultramarino
, which had established its first branch in Cape Verde in 1865 and Banco de Fomento Nacional which had established its only branch in Mindelo, S. Vicente island, in 1973. Privatization
of Atlântico began in 1998. Today, Caixa Geral de Depósitos
, which acquired Ultramarino, owns about 53% of Atlântico; the government still owns 10%.
Portuguese language
Portuguese is a Romance language that arose in the medieval Kingdom of Galicia, nowadays Galicia and Northern Portugal. The southern part of the Kingdom of Galicia became independent as the County of Portugal in 1095...
meaning the "Atlantic Commercial Bank") is a Cape Verde
Cape Verde
The Republic of Cape Verde is an island country, spanning an archipelago of 10 islands located in the central Atlantic Ocean, 570 kilometres off the coast of Western Africa...
an bank. The headquarters of the company is located Praia
Praia
Praia , is the capital and largest city of Cape Verde, an island nation in the Atlantic Ocean west of Senegal. It lies on the southern coast of Santiago island in the Sotavento Islands group. It is the island's ferry port and is home to one of the nation’s four international airports...
, the largest city, on Santiago Island
Santiago, Cape Verde
Santiago , or Santiagu in Cape Verdean Creole, is the largest island of Cape Verde, its most important agricultural centre and home to half the nation’s population. At the time of Darwin's voyage it was called St. Jago....
in Cape Verde
Cape Verde
The Republic of Cape Verde is an island country, spanning an archipelago of 10 islands located in the central Atlantic Ocean, 570 kilometres off the coast of Western Africa...
. The bank has 23 branches and sub-branches spread over all 9 inhabited Cape Verdean islands. In 2000 it introduced ATMs and debit cards and now accounts for about half of both in the islands.
History
The bank was created on September 1, 1993, when the government separated the commercial and central banking functions of the Bank of Cape VerdeBank of Cape Verde
The Bank of Cape Verde is Cape Verde's central bank. It is located in the national capital of Praia on Santiago in Cape Verde.-History:The government established the Bank of Cape Verde in 1975, as a bank that combined commercial banking and central banking functions...
, which had been operating since 1975. The government had created Bank of Cape Verde by nationalizing the operations of the Portuguese
Portugal
Portugal , officially the Portuguese Republic is a country situated in southwestern Europe on the Iberian Peninsula. Portugal is the westernmost country of Europe, and is bordered by the Atlantic Ocean to the West and South and by Spain to the North and East. The Atlantic archipelagos of the...
colonial and overseas banks, Banco Nacional Ultramarino
Banco Nacional Ultramarino
Banco Nacional Ultramarino was a Portuguese bank with operations throughout the world, especially in Portugal's former overseas provinces. It ceased existence as an independent legal entity in Portugal following its merger with Caixa Geral de Depósitos, the government-owned savings bank, in...
, which had established its first branch in Cape Verde in 1865 and Banco de Fomento Nacional which had established its only branch in Mindelo, S. Vicente island, in 1973. Privatization
Privatization
Privatization is the incidence or process of transferring ownership of a business, enterprise, agency or public service from the public sector to the private sector or to private non-profit organizations...
of Atlântico began in 1998. Today, Caixa Geral de Depósitos
Caixa Geral de Depósitos
Caixa Geral de Depósitos is a Portuguese state-owned banking corporation and the largest bank in Portugal.- History :*1876 — Caixa Geral de Depósitos was founded under the aegis of the Junta de Crédito Público....
, which acquired Ultramarino, owns about 53% of Atlântico; the government still owns 10%.