Spain-based Banco Sabadell intends to increase its branches in Angola in the next two years to cater to the increasing number of millionaires in the second largest oil producer in Africa, Bloomberg reported. Banco Sabadell, the fifth biggest lender in Spain is targeting to open 25 more branches of its Angolan unit Banco Privado Atlantico.

Banco Privado Atlantico Chief Executive Officer Carlos Silva told Bloomberg through email that they will be pouring OAO 4.4 billion or $45 million to open the new branches. The lender already has 42 branches in Angola.

The report quoted Silva as saying in the statement, "We intend to consolidate the bank's position in high-value segments such as investment, corporate and private banking, together with strengthening its involvement in infrastructure projects of the Angolan economy." He added that the affluent and emerging affluent market segments will continue to be enlarged next year.

Citing data from Mercer, the report said foreign banks are being attracted to Luanda, the capital of Angola, because of a new oil company law that would channel billions of dollars through the financial system of Angola. New World Wealth, based in the UK, released a study this month which revealed that Angolan millionaires coming out of the civil war in 2002 will increase by 144% to 15,600 by 2030.

Silva also said that Atlantico will be allocating OAO 110 million for training in each of the next two years, a portion of which will be going through an academy it shares with the local business of Millennium BCP, a Portuguese lender. Atlantico has also added an oil and gas desk to look for new opportunities. Last year, the bank's profit increased 18% to $58.5 million.

Silva said, "Natural resources, coupled with a young and growing population make Angola an attractive investment destination. It positions the country as a benchmark for emerging markets."