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Miguel Raposo Alves

ANGOLA - Finance

Miguel Raposo Alves

CEO, Banco Millennium Atlântico

Bio

Before joining Atlântico, Miguel Raposo Alves was Managing Director & CEO at Hemera Capital Partners. He has more than 25 years of experience in the international financial sector, with a track record in several countries, including Angola. He spent many years at KPMG Corporate Finance & Restructuring in Lisbon and London, where he became associate director. He was also a junior partner at TIIC. He has a postgraduate degree (with distinction) in global business from Saïd Business School – University of Oxford in the UK, a master in finance from ISCTE Business School in Portugal, and a bachelor’s degree in business management from ISEG – University of Lisbon, in Portugal. He has also completed the Advanced Management Program (AMP) at the Wharton Business School – University of Pennsylvania in the US.

"For a long time, Atlântico has been committed to supporting development, not only of companies but also of people in general."
Banco Millennium Atlântico is highly committed to creating a positive impact for its stakeholders, namely its customers, employees, and communities in general.
What has been the evolution of Banco Millennium Atlântico in Angola?

For a long time, Atlântico has been committed to supporting development, not only of companies but also of people in general. Our focus on customers, the way we cater to families and develop the economic agents are part of our makeup. We are also a bank highly committed to creating a positive impact for the stakeholder, which includes the customer, employees, and communities in general. We have been growing based on innovation and execution of a scalable business model. We deliver quality service and projects to diverse business segments, reaching out to diverse businesses as we migrate to the ESG paradigm. Banco Privado Atlântico was incorporated in 2006, and Banco Millennium Angola was converted from a branch into a bank the same year. They had business models that were somewhat different. Millennium Angola was more of a traditional commercial bank essentially in line with the business model. Privado Atlântico at the time was more focused on investment banking, private banking, and the upper affluent segment. In 2016, the two banks decided to merge, whereby the best of the two was preserved, which is is when the new business model began to be deployed.

Banco Millennium Angola and Banco Privado Atlântico merged with the intention of achieving a desired level of profitability. What are the main advantages of this unification?

The main advantages of this unification are scale, knowledge, and the capacity of the bank to better understand all market segments. Each of the banks had its own areas of specialization. And today, we have combined all that knowledge and know the different market segments well and can reach to different customers accordingly. We became the fourth largest private bank by asset size and the number one private bank by the number of loans to the economy. The new regulatory framework is significant and reflects banking tendencies the world over, especially after the crisis of 2007-2008. Bank regulation has become much more stringent, and the merger rendering us a larger bank also helped in dealing with this challenge.

Angola is experiencing a period of unprecedented digitalization, giving a much-needed boost to many different areas of the economy. What are your innovative contributions?

We intend to work as much as possible on the omnichannel. We aim to service diverse customer groups the way they want to be served. We also aim to rapidly grow customer base, in a new relationship that leverages the advantages of technology for greater efficiency. Currently, 37% of our customers are digital customers, thanks to 400 Agiliza, a mobile banking solution that serves customers with feature phones as well as customers with mobile phones. In terms of digitalization, we have been investing heavily in additional digital processes, such as going paperless; today 62% of our processes are digital. We have had the digital onboarding of customers in place for some time now and were pioneers on offering our customers automatic deposit machines. Around 60% of our agencies are open 24/7 because in many cases, we have a self-banking section that is open the entire day. A large percentage of our deposits are done by clients directly; the last figures reveal that 80% of deposits in value terms done in recent months are made this way.

Banco Millenium Atlântico’s shares will be sold on the stock exchange, following the successful sale of BAI shares. How is this viewed by international investors?

Our decision to hold an IPO sparked momentum that we are developing as we speak. It is a strategic condition of our shareholders, and we see the benefits of having a listed bank. It provides greater transparency among many other advantages. We have been improving the way we report information and our speed in closing our accounts every month. Becoming a listed bank is demanding and we have to be ready for that. We have to find the most strategic moment to act.

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