Banco Comercial do Atlântico -BCA was created, on September 1, 1993, as a result of the separation of commercial and supervision components that were, being carried out by the Bank of Cape Verde - BCV, since September 29, 1975, up until than. From 1993 on, BCV assumed the functions of a Central Bank.
BCA, social corporation of public capitals, exclusively, was created by the Law no. 43/93, of July 16, with the original capital of 500.000.000$00 (five hundred million escudos). On the same date was constituted, by Law no. 44/93, the Installing Commission of BCA composed by 5 (five) members, including a president, designated by the Minister of Finances.
The First Administration Board of BCA began its activities on September 1, 1993. Privatization
The Law no. 70/98, of December 31 authorizes the alienation of part of the stocks owned by the State of Cape Verde Banco Comercial do Atlântico, SARL.
The Resolution no. 74/98, of the same date, approved the regulation of the international beading for acquisition of the respective stocks, as well as the choice of strategic partners for the development of the Country Financial Institutions.
In extent to that negotiation, the Group constituted by Caixa Geral de Depósito/Banco Interatlântico was chosen as a strategic partner for BCA
In November 27 of the same year, was published the offer of sale of 25% of the stocks, still owned by the State, to small investors and workers of the bank, beginning that way the second phase of the privatisation process.
Thus, the Cape-verdian financial sector suffered a change with the acquisition (on a direct and indirect way) of most of the capital stock of Banco Comercial do Atântico, of Cape Verde Insurance Company - Garantia and of the Promotora - Risk Capital Society, by the Group Caixa Geral de Depositos/Banco Interatlântico.
This way it was created the largest financial group in the country, which allowed larger synergies in the activities of those institutions. Capital Stock
On January 26, 1996, the Capital Social of BCA was increased with an additional 500.000.000$00 (five hundred million escudos), changing the capital of the company to 1.000.000.000 $(one billion escudos).
A million stocks with the face value of 1000$00 each, represent the capital stock
Presently the stocks of BCA are distributed as follows:
525,000 stocks, corresponding to 52,5% belonging to the grouping Caixa Geral de Depósitos SA/Banco Interatlântico, SARL;
213,731 stocks, corresponding to 21,4% belonging to the public and emigrants;
125,000 stocks, corresponding to 12,5% belonging to Garantia, SARL;
100,000 stocks, corresponding to 10% belonging to the State of Cape Verde and 36, 269 stocks, corresponding to 3,6% belonging to BCA workers.
We would like to emphasize that Garantia, SARL was the first institution to buy BCA stocks before the privatisation process. Channel Distribution
By the time the commercial bank function were transferred from BCV to BCA, the bank distribution channel was limited to twelve Branches and three extensions: branches of Ribeira Garnde and Porto Novo - Santo Antão, São Vicente, São Nicolau, Sal, Boavista, Maio, Fogo and Brava, as well as Praia, Santa Catarina and Tarrafal - Island of Santiago and extension of Mosteiros, Fogo, Tarrafal - São Nicolau and of Amílcar Cabral Airport - Sal, making a total of 15 (fifteen) counters.
Ever since, BCA increased its distribution channel significantly when enlarging for 23 the number of counters, with three more barnches in São Vicente: Praça Nova, Monte Sossego and Fonte Filipe; four more in Santiago - Santa Cruz, Achada de Santo António and Avenida and an extension in São Domingos and, also the Branch of Santa Maria - Sal.
In the year 2000, appeared the automatic machines as another option in the diversification of the distribution channels and was created the first debit card ever used in Cape Verde, of net Vinti4. On the same date also began the installation of TAP's (terminal of automatic payment).
BCA, according to December 2002 data is the market leader concerning debit cards, it owns 59% of the total cards in circulation. 48% of the TAP's installed in Cape Verde belong to BCA customers and 49% of the ATM machines (machines of automatic withdraw) also belong, to BCA, being the remaining distributed by the other three commercial banks.