ISABEL DOS SANTOS TAKES OVER ANGOLA’S LARGEST BANK, BANCO DE FOMENTO

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Isabel do Santos...in bank takeover deal

Isabel dos Santos, the daughter of Angolan President Jose Eduardo dos Santos has taken over the country’s largest bank, Banco de Fomento Angola (BFA), after buying a controlling stake.

Financial sources in Luanda said the deal had been mooted for weeks before it was finally sealed on Friday. Unitel, Angola’s largest phone operator, which incidentally is run by Ms dos Santos, has been cited as being instrumental in the closing the deal.

Reputed to be the wealthiest woman in Africa, Isabel’s current worth is pegged at US$3.2 billion. Her investments are spread across many sectors, including oil and gas, cable TV and real estate.

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