4:02 AM, February 24, 2024

Aiming high in Cape Verde

| The European |
By David and Luís Levy Lima:
Cape-Verdean painters, uncle and nephew who painted for an audience and auctioned it to a NGO dedicated to educate children through art

Established on 1 July 1999, from a partnership between Caixa Geral de Depósitos, a Portuguese Bank and a group of reference companies and individuals from Cape Verde, Banco Interatlântico has built a distinct market presence particularly in compliance, best practice and customer orientation within the market.

Being part of Caixa Geral de Depósitos’ group allows for collaboration, which would otherwise be more difficult considering the small size of the Bank and the market. This has benefited their customers and the market as a whole, allowing the bank to constantly innovate in the market. For example, Banco Interatlântico was the first bank in Cape Verde to have an ATM. It was the first bank to issue subordinated debt through the Cape Verdean Stock Exchange and it was the first bank in the market to publish a ‘Sustainability Report’, following international guidelines and principles.

By David Levy Lima

The partnership with both Caixa Geral de Depósitos and the initiative of local entrepreneurs, alongside a transparent relationship with the authorities, has resulted in a high-quality reputation and credibility that makes Banco Interatlântico a promoter of the process of modernisation of the Cape-Verdean financial system that has occurred over the past 20 years and proceeds today. Banco Interatlântico is the third largest bank in Cape Verde – as per net assets – and ranks second in several indicators such as the number of ATM or electronic transfers. Moreover, it has always presented positive net incomes and has always received external audit unqualified (clean) opinions.

A strategy based on four main drivers

Risk mitigation – through the implementation of the most advanced best international practices in the industry, the bank has been able to effectively reduce its risks over the past years, following the aftermath of the international financial crisis. Furthermore, it has adopted an advanced risk-based approach to its commercial operations, adjusted to the market, thus allowing for greater and better market penetration.

By Kiki Lima: Cape-Verdean painter and sculptor

Profitability and sustainability – the risk-based approach adopted by the bank, alongside the deepening of cost rationalisation and adequate balance-sheet management has proven effective in increasing profitability and sustainability for the operation. Within a small and difficult market with strong competition, the bank’s values of social responsibility, soundness and transparency alongside it’s customer-oriented approach has granted the bank a solid reputation with local and international investors who visit Cape Verde, making them a preferred business partner in the market.

Qualification of resources – be it human or technological, the bank’s resources are at the core of their success in delivering high-quality customer service. They make continued efforts to innovate through training and the implementation of new technologies within the operation, ultimately ending in benefit to the customer.

By Kiki Lima

Innovation – always innovating in the market, both by introducing new products or solutions or by increasing the bank’s relationship with its customers through remote means, is cost-effective and promotes customer satisfaction in a growingly digital market and world.

Banco Interatlântico’s footprint in Cape Verde is well established and recognised, and they believe that they will continue to be a distinct and preferred brand in the market.

The award now given to them, alongside others over the past years, helps promote this institution and the country in a global market, resulting in Cape Verde standing out because of its high-value organisation, culture and geographical location relative to its small size.

Finally, Banco Interatlântico believes that all of these drivers will be the key to delivering their aim of becoming the best company in Cape Verde to both work in and bank with.

Further information

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