Download Venezuela November 2013

VENEZUELA
NOVEMBER 2 01 3
INTERNATIONAL
SUPPORT
KIT OF
OPPORTUNITIES
The Country's Economic Context
Industry Structure
International Trade, Bilateral Trade with Portugal and Opportunities
BES Group’s Internationalisation Support: International Premium Unit
BES Group's International Offering
Contacts
ISKO Venezuela
International Premium Unit/ES Research - Sectoral Research/International Unit Dev elopment
VENEZUELA
Business environment and key factors
Business environment
Ease of doing busine ss
181/189
(Doing Business 2014 ranking)
Caracas
Investor protection
Cross-border trade
Contract fulfilment
Economic Freedom
182/189
173/189
92/189
174/177
(Economic Freedom 2013 ranking)
Competitiveness
134/148
(Global Competitiveness Index 2013-2014 ranking)
Basic Requirements
Infrastructure
Institutions
138/148
125/148
148/148
Efficiency Enablers
119/148
Innovation and Sophistication
136/148
Cosec (Risk group)
7
Grade 1 (low est risk) to 7 (highest risk)
Standard & Poor´
´ s (Rating)
(AAA rating (lowest risk) to D (highest risk, default))
Long term debt in local currency
Long term debt in foreign currency
Outlook
B
B
Negative
Capital: Caracas
Population (Millions): 29.99 (September/2013)
Time Zone: UTC -4.30
Type of Government: Presidential Republic
Religion: Catholicism (majority)
Official Language: Spanish
Surface Area: 916 thousand Km 2
Currency: VEF (bolívar forte)
N. of States: 23
Sources: IMF, World Bank, COSEC, World Economic Forum, Global Heritage.
ISKO Venezuela
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03
VENEZUELA
Macroeconomic Indicators
2012
2013E
2014E
2015E
227.3
296.5
278.8
286.1
292.7
4.2
5.6
1.0
1.7
2.2
8.2
7.8
9.2
10.3
11.2
26.1
21.1
37.9
38.0
31.0
5.98
5.22
8.05
8.19
8.06
2.9
2.8
2.2
0.7
-16.6
-15.0
-13.3
-12.6
2011
GDP
Current prices
EUR billion
GDP real growth rate
Percentage
Unemployment Rate
Percentage of working population
Inflation Rate
Percentage
Exchange Rate
EUR/VEF
Current Account
7.7
Percentage of GDP
Fiscal Balance
Percentage of GDP
-11.6
E
Estimates.
Sources: IMF, Bloomberg.
ISKO Venezuela
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04
VENEZUELA
Economic summary
The Venezuelan economy is centred on the extraction, production and export of oil. The country is
among the leaders in terms of oil and natural gas reserves and, in 2012, it was the 11th largest
producer of oil. Venezuela is also rich in other minerals such as iron, coal, gold and diamonds.
Venezuela’s GDP shows a strong correlation with oil export volume and the price of oil in
international markets (in 2012, oil represented around 76.7% of total Venezuelan goods exports).
In 2011 and 2012, the economy grew by 4.2% and 5.6%, respectively. In 2013, is expected a
grew by 1.0%.
The USA is Venezuela’s main trading partner, with a share of 28.7% of goods imports and of
47.9% of goods exports, in 2012. In that year, China was the 2nd largest importer and exporter of
Venezuelan goods.
Portugal’s trade relations with Venezuela have increased in recent years, in particular in relation
to exports of “Machinery and equipment”, “soya beans” and “Medicaments” (the compounded
annual growth rate, between 2007 and 2012, of the exports of goods was 34.2% ).
Sources: IMF, AICEP, ES Research – Sectoral Research.
ISKO Venezuela
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05
VENEZUELA
International Integration
ALADI – Latin American Integration Association
Seeks to gradually and progressively establish a Latin American market by
means of the implementation of a Preferential Regional Tariff system.
Venezuela
Colombia
It comprises: Argentina, Bolivia, Brazil, Chile, Colombia, Cuba, Ecuador,
Mexico, Panama, Paraguay, Peru, Uruguay and Venezuela. www.aladi.org/
IADB – Inter-American Development Bank
Established in 1959, it is the largest source of development funding in Latin
American and the Caribbean, promoting a program of reform which aims to
increase the level of development in the region. www.iadb.org/
Ecuador
Peru
Brazil
MERCOSUL – Southern Common Market
Seeks to promote economic and social progress amongst member states,
through the gradual formation of a Common Market. The members are:
Argentina, Brazil, Uruguay and Venezuela. Chile, Colombia, Peru and
Ecuador are associated states and Bolivia is in the process of adhesion.
www.mercosur.int/
SELA – Latin American and the Caribbean Economic System.
Comprising 28 Latin American countries, SELA seeks to accelerate
economic and social development among member states through
intra-regional cooperation and the establishment of a permanent system of
consultation and coordination in relation to economic and social issues.
www.sela.org/
Chile
Argentina
Uruguay
OAS – Organization of American States
Founded in 1948 by 35 nations in the American Continent, it aims to promote
good government practices, improve human rights, foster peace and
security, expand trade and find solutions for problems resulting from poverty.
www.oas.org/
Sources: AICEP, ES Research - Sectoral Research.
ISKO Venezuela
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06
The Country's Economic Context
Industry Structure
International Trade, Bilateral Trade with Portugal and Opportunities
BES Group’s Support to Internationalisation: International Premium Unit
BES Group's International Offer
Contacts
ISKO Venezuela
International Premium Unit/ES Research - Sectoral Research/International Unit Dev elopment
VENEZUELA
Sectoral Structure of GDP
The weight of the oil and manufacturing sectors in the economy stands out.
Breakdown of GDP by sector (2012)
13.2%
State
12.3%
Oil & Gas
0.5%
Mining
6.8%
Community, social
and personal
services
15.7%
Manufacturing
10.9%
Real Estate and Rental
Services
2.5%
Electricity and Water
6.2%
Financial
Institutions and
Insurance
9.0%
Construction
7.5%
Telecommunications
4.0%
Transport and
Warehousing
11.2%
Distribution and Repair Services
Source: Central Bank of Venezuela.
ISKO Venezuela
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08
VENEZUELA
The economy’s sectoral structure (I)
The Central Bank of Venezuela’s key objectives include price stability and the internal
and external stability of the currency. The Sudeban – Superintendencia de
Instituciones del Sector Bancario is the authority responsible for supervision and
control of the banking sector.
The largest banks operating in Venezuela, 2012
FINANCIAL
SYSTEM
Bank
Total Assets
(USD billions)
World Rank
(Tier 1)
Banesco Banco Universal
28.8
351
BBVA Banco Provincial
26.3
FO
Banco de Venezuela
33.1
356
Mercantil Servicios Financieros
24.4
372
Banco Exterior
9.3
FO
Banco Occidental de Descuento
11.3
845
Sources: Mercantil Servicios Financeiros, EIU, Banco Central de Venezuela, “The Banker”, World Economic Forum.
ISKO Venezuela
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FO (Foreign Owned): This bank has significant presence in Colombia, but consolidates with its parent company.
09
VENEZUELA
The economy’s sectoral structure (II)
The Venezuelan economy is centred around the extraction, production and export of
oil, with GDP well correlated with export volumes and the price of oil on the
international markets. In 2012, oil represented around 76.7% of the value of
Venezuela’s goods exports, and the economy grew by 5.6%.
GDP at current prices and oil exports, 1980-2014E
OIL & GAS (I)
400
100
350
90
80
300
70
250
Venezuela’s GDP
(USD billions)
Left-hand scale
200
150
100
60
50
Oil exports
(USD billions)
Right-hand scale
40
30
20
50
10
0
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013E
2014E
0
Sources: IMF, BP Statistics.
E
Estimates.
ISKO Venezuela
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010
VENEZUELA
The economy’s sectoral structure (III)
Venezuela is a founding member of OPEC and an important player in the sector worldwide.
Venezuela is one of the leading countries in terms of oil and natural gas reserves. In 2012, Venezuela
was the 11th largest producer of oil worldwide and is one of the USA’s main oil suppliers and has also
increased its oil exports to China.
R/P1 (top 5)
(Years)
Oil production (Top 15 countries), 2012
(Milllions of barrels)
8.9
Sources: BP Statistics, AICEP.
1
2.1
1.9
1.8
Angola
2.4
Norway
2.7
Brazil
2.9
Nigeria
3.1
Venezuela
3.1
Mexico
3.4
Iraq
3.7
Iran
3.7
Canada
China
USA
Russian Federation
Saudi Arabia
4.2
>100
Middle East
11th largest producer
worldwide
Kuwait
OIL & GAS (II)
S. & Cent.
America
10.6
UAE
11.5
78.1
North America
38.7
Africa
37.7
World
>100
Canada
>100
Venezuela
>100
Iran
>100
Irq
>100
Kuwait
88.7
Reserves-to-production ratio: number of years know n reserves are expected to last, given current production .
ISKO Venezuela
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011
VENEZUELA
The economy’s sectoral structure (IV)
Tourism is an important sector in the Venezuelan economy and the country possesses
considerable potential in this sector (varied geography, including beaches, plains and
mountains). In some areas, investment in infrastructure is required (namely in relation to
business travel). In 2012, the tourism sector made a direct contribution of 3.1% to the
country’s GDP. The main market for Venezuelan tourism is South America, from where
38.6% of tourists arrivals originated, in 2011. Colombia and Brazil were, in 2011, the main
source markets, with 15.1% and 9.4% of the tourists, respectively.
Foreign tourists, 2001-2011
(Thousands)
Direct contribution of tourism to GDP, 2012E
TOURISM
8
Mexico
68.3
5.8
5.2
25
Argentina
16.5
33
Venezuela
12.3
3.5
3.1
41
Chile
7.7
2.9
43
Peru
6.8
3.4
71
Costa Rica
2.2
4.8
Sources: World Tourism Organization, World Travel & Tourism Council (WTTC), Ministerio del Poder Popular para el Turismo.
ISKO Venezuela
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E
443
402
328
2001
World Average
17.2
427
393
2011
3.4
2010
76.9
2009
Brazil
486
470
2008
6
477
2007
(% of GDP)
2006
(USD billions)
564 552 561
2005
2012
2004
Rank
2012
2003
Country
2002
World
Estimate.
012
The Country's Economic Context
Industry Structure
International Trade, Bilateral Trade with Portugal and Opportunities
BES Group’s Support to Internationalisation: International Premium Unit
BES Group's International Offer
Contacts
ISKO Venezuela
International Premium Unit/ES Research - Sectoral Research/International Unit Dev elopment
VENEZUELA
International Trade – Partners
Venezuela's imports by country, 2012
Venezuela's exports by country, 2012
Ranking
Country
2012
(EUR Million)
Share
(%)
CAGR07-12
(%)
Ranking
Country
2012
(EUR Million)
Share
(%)
CAGR07-12
(%)
1
USA
13 711.9
29.2
13.0
1
USA
30 597.6
46.4
0.5
2
China
7 235.9
15.4
28.4
2
China
11 307.2
17.2
38.4
3
United Ki ngdom
4 590.6
9.8
65.9
3
India
9 428.3
14.3
89.0
4
Braz il
3 932.1
8.4
2. 7
4
Singa pore
2 940.0
4.5
62.6
5
Colombia
1 987.8
4.2
-12.2
5
Spa in
1 339.8
2.0
-2.5
6
Argentina
1 730.7
3.7
15.1
6
Dominican Rep.
946.8
1.4
74.5
7
Mexi co
1 647.2
3.5
-0.6
7
Jama ica
788.5
1.2
12.3
8
Spa in
1 541.9
3.3
21.6
8
Braz il
775.2
1.2
25.2
9
Peru
941.5
2.0
11.0
9
Uruguay
643.0
1.0
6.7
10
Germany
910.6
1.9
3. 5
10
Nicaragua
627.5
1.0
41.4
…
…
…
…
…
…
…
…
…
…
22
Portugal
313.4
0.7
80.7
24
Portugal
164.7
0.3
68.5
Source: UN Comtrade, DESA/UNSD (mirror data).
ISKO Venezuela
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14
VENEZUELA
International Trade – Goods Imports and Exports
(World)
Venezuela's Top 10 imports, 2012
Venezuela's Top 10 exports, 2012
2012
(EUR Millions )
Share
(%)
CAGR08-12 (%)
2012
(EUR Millions )
Share
(%)
CAGR08-12 (%)
2710 - Petroleum oils, not crude
2 918.3
6.1
124.6
2709 - Crude petroleum oils
48 991.9
76.7
4.3
3004 - Medicament mixtures (not 3002, 3005, 3006),
put in dosage
1 404.0
2.9
10.4
2710 - Petroleum oils, not crude
10 183.5
15.9
-2.9
8708 - Parts & access of motor vehicles
1 149.1
2.4
29.0
2601 - Iron ores & concentrates; including roasted
iron pyrites
706.3
1.1
19.5
8517 - Electric app for line telephony,incl curr line
system
1 132.4
2.4
56.2
7203 - Ferrous prod obt by dir reductn of iron ore
(minimum pure iron of 99.9
575.7
0.9
6.5
2909 - Ethers, ether-alcohols, ether-phenols &
peroxides & thier derivatives
936.5
2.0
104.8
2905 - Acyclic alcohols and their derivatives
571.1
0.9
44.3
8430 - Moving/grading/scraping/boring machinery for
earth
717.8
1.5
28.1
2713 - Petroleum coke, petroleum bitumen & other
residues of petroleum oils
337.7
0.5
n. a.
8502 - Electric generating sets and rotary converters
639.8
1.3
60.9
3102 - Mineral or chemical fertilizers, nitrogenous
289.3
0.5
29.5
0402 - Milk and cream, concentrated or sweetened
626.7
1.3
4.7
7202 - Ferro-alloys
218.8
0.3
3.7
1005 - Maize (corn)
620.3
1.3
27.4
7601 - Unwrought alumimum
217.3
0.3
-18.3
0102 - Live bovine animals
617.3
1.3
18.0
2814 - Ammonia, anhydrous or in aqueous solution
172.4
0.3
165.0
Products (H.S. 4)
Products (H.S. 4)
Source: UN Comtrade, DESA/UNSD (mirror data).
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15
International Trade – Bilateral relations with
Portugal (I)
VENEZUELA
Portugal’s trade balance with Venezuela, 2007, 2011 and 2012 (EUR millions)
Compound Annual Growth Rate (CAGR)
CAGR07-12 of exports = 34.2%
CAGR07-12 of imports = 54.3%
Surplus balance
In 2012,
298 companies
exported goods to
Venezuela
EUR 340 million
19th customer
(share: 0.7%)
35th provider
(share: 0.3%)
Exports
522
209
Services
(40%)
313
Goods
(60%)
315
Imports
182
120
21
2007
Exports of goods and services
32
2011
2012
29%
17
1Services
047
(9%)
165
Goods
(91%)
2012
In 2011,
231 companies
exported goods to
Venezuela
Imports of goods and services
Ranking and share as Portugal customer and provider (goods)
Sources: INE, Banco de Portugal.
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16
VENEZUELA
International Trade – Bilateral relations with
Portugal (Goods) (II)
Top 10 Portuguese imports from Venezuela, 2012
Top 10 Portuguese exports to Venezuela, 2012
2012
(EUR Millions )
Share
(%)
CAGR07-12 (%)
Products (H.S. 4)
2012
(EUR Millions )
Share
(%)
CAGR07-12 (%)
150.9
91.6
n.a.
8504 - Electrical Transformers, Static Converters, E.G.
Rectifiers, And Inductors; Parts Thereof
82.7
26.4
n.a.
7203 - Ferrous Products Obtained By Direct
Reduction Of Iron Ore And Other Spongy Ferrous
Products, In Lumps, Pellets Or Similar Forms
8.2
5.0
n.a.
23.7
7.6
92.1
7311 - Containers Of Iron Or Steel, For Compressed
Or Liquefied Gas
2.6
1.6
n.a.
22.2
7.1
268.9
7202 - Ferro-Alloys
2.1
1.3
n.a.
8471 - Automatic Data-Processing Machines And
Units Thereof; Magnetic Or Optical Readers
22.1
7.0
537.4
2403 - Manufactured Tobacco And Manufactured
Tobacco Substitutes And "Homogenised" Or
"Reconstituted" Tobacco
0.4
0.2
-11.0
3004 - Medicaments Consisting Of Mixed Or Unmixed
Products For Therapeutic Or Prophylactic Uses, Put
Up In Measured Doses
17.8
5.7
169.4
7801 - Unwrought Lead :
0.3
0.2
n.a.
1507 - Soya-Bean Oil And Its Fractions, Whether Or
Not Refined (Excl. Chemically Modified)
11.8
3.8
n.a.
0.0
0.0
-12.2
8474 - Machinery For Sorting, Screening, Separating,
Washing, Crushing, Grinding, Mixing Or Kneading
Earth, Stone, Ores Or Other Mineral Substances
11.5
3.7
312.6
0.0
0.0
-24.4
1604 - Prepared Or Preserved Fish; Caviar And Caviar
Substitutes Prepared From Fish Eggs
9.0
2.9
109.5
8480 - Moulding Boxes For Metal Foundry; Mould
Bases; Moulding Patterns; Moulds For Metal
0.0
0.0
n.a.
0203 - Meat Of Swine, Fresh, Chilled Or Frozen
6.4
2.0
n.a.
2103 - Sauce And Preparations Therefor; Mixed
Condiments And Mixed Seasonings; Mustard Flour
And Meal, Whether Or Not Prepared, And Mustard
0.0
0.0
-9.6
9403 - Furniture And Parts Thereof, N.E.S. (Excl.
Seats And Medical, Surgical, Dental Or Veterinary
Furniture)
6.1
1.9
136.0
Products (H.S. 4)
2709 - Petroleum Oils And Oils Obtained From
Bituminous Minerals, Crude
2208 - Undenatured Ethyl Alcohol Of An Alcoholic
Strength Of < 80%; Spirits, Liqueurs And Other
Spirituous Beverages
7005 - Float Glass And Surface Ground Or Polished
Glass, In Sheets, Whether Or Not Having An
Absorbent, Reflecting Or Non-Reflecting Layer
7308 - Structures And Parts Of Structures "E.G.,
Bridges And Bridge-Sections, Lock-Gates, Towers,
Lattice Masts, Roofs, Roofing Frameworks, Doors
8418 - Refrigerators, Freezers And Other
Refrigerating Or Freezing Equipment, Electric Or
Other; Heat Pumps
Source: UN Comtrade, DESA/UNSD.
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17
VENEZUELA
Goods export opportunities (I)
Set of products (merchandise) identified as needs (imports) of Venezuela for which Portugal has
production and export capacity, thus representing opportunities to increase the volume of
Portuguese exports to Venezuela.
Top 10 export opportunities to Venezuela
9017 - Drawing, Marking-Out Or Mathematical Calculating
Instruments
6402 - Footwear With Outer Soles And Uppers Of Rubber Or
Plastics
0207 - Meat And Edible Offal Of Fowls Of The Species
Gallus Domesticus, Ducks, Geese, Turkeys And Guinea
Fowls, Fresh, Chilled Or Frozen
8410 - Hydraulic Turbines, Water Wheels, And Regulators Therefor (Excl.
Hydraulic Power Engines And Motors Of Heading 8412)
3816 - Refractory Cements, Mortars, Concretes And Similar Compositions (Excl.
Preparations Based On Graphite Or Other Carbonaceous Substances)
2402 - Cigars, Cheroots, Cigarillos And
Cigarettes Of Tobacco Or Of Tobacco
Substitutes
2909 - Ethers, Ether-Alcohols, Ether-Phenols, EtherAlcohol-Phenols, Alcohol Peroxides
4011 - New Pneumatic Tyres, Of Rubber
0402 - Milk And Cream, Concentrated Or Containing
Added Sugar Or Other Sweetening Matter
8502 - Electric Generating Sets And Rotary
Converters
Sources: UNComtrade, DESA/UNSD, OECD, ES Research - Sectoral Research.
ISKO Venezuela
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18
VENEZUELA
Goods export opportunities (II)
Top 10 export opportunities to Venezuela
(Amount and rank of Venezuela’s world imports)
2012
(EUR Million)
Rank 2012
Share 2012
(%)
Annual growth
2011-2012 (%)
CAGR09-12
(%)
2909 - Ethers, Ether-Alcohols, Ether-Phenols, Ether-Alcohol-Phenols, Alcohol Peroxides
936.5
5
2.1
2 927.3
29.5
0402 - Milk And Cream, Concentrated Or Containing Added Sugar Or Other Sweetening Matter
653.7
7
1.5
127.1
5.4
8502 - Electric Generating Sets And Rotary Converters
629.0
8
1.4
71.3
80.4
4011 - New Pneumatic Tyres, Of Rubber
361.3
21
0.8
45.3
7.9
0207 - Meat And Edible Offal Of Fowls Of The Species Gallus Domesticus, Ducks, Geese,
Turkeys And Guinea Fowls, Fresh, Chilled Or Frozen
322.1
22
0.7
130.5
30.0
6402 - Footwear With Outer Soles And Uppers Of Rubber Or Plastics
178.6
49
0.4
267.8
11.2
9017 - Drawing, Marking-Out Or Mathematical Calculating Instruments
104.9
78
0.2
2 900.4
91.0
8410 - Hydraulic Turbines, Water Wheels, And Regulators Therefor (Excl. Hydraulic Power
Engines And Motors Of Heading 8412)
73.1
116
0.2
48.2
49.1
3816 - Refractory Cements, Mortars, Concretes And Similar Compositions (Excl. Preparations
Based On Graphite Or Other Carbonaceous Substances)
16.4
322
0.0
51.4
22.2
8.5
432
0.0
14 093.0
75.0
Products (H.S. 4)
2402 - Cigars, Cheroots, Cigarillos And Cigarettes Of Tobacco Or Of Tobacco Substitutes
Sources: UNComtrade, DESA/UNSD, OECD, ES Research - Sectoral Research.
ISKO Venezuela
International Premium Unit/ES Research - Sectoral Research/International Unit Dev elopment
19
VENEZUELA
Goods export opportunities (III)
Cloud of Export Opportunities to Venezuela
Machinery and appliances
Agricultural and food
Transport equipment
8414 - Air Or Vacuum Pumps
1701 - Cane Or Beet Sugar And Chemically Pure
Sucrose, In Solid Form
8702 - Motor Vehicles For The Transport Of >= 10
Persons, Incl. Driver
8419 - Machinery, Plant Or Laboratory Equipment
Whether Or Not Electrically Heated
1901 - Malt Extract
8714 - Parts And Accessories For Motorcycles And
Bicycles
8481 - Taps, Cocks, Valvesf
0901 - Coffee, Whether Or Not Roasted Or
Decaffeinated
8903 - Yachts And Other Vessels For Pleasure Or
Sports; Rowing Boats And Canoes
8544 - Insulated Wire, Cable "Incl. Coaxial Cable"
1704 - Sugar Confectionery Not Containing Cocoa,
Incl. White Chocolate
8712 - Bicycles And Other Cycles, Incl. Delivery
Tricycles, Not Motorised
8516 - Electric Instantaneous Or Storage Water
Heaters And Immersion Heaters
1209 - Seeds, Fruits And Spores, For Sowing
8715 - Baby Carriages And Parts Thereof, N.E.S.
Plastic, Rubber Products
Wood, Cork, Cellulose Pulp and Paper
Optical and Precision Instruments
3926 - Articles Of Plastics
4802 - Uncoated Paper And Paperboard, Of A Kind
Used For Writing
9023 - Instruments, Apparatus And Models Designed
For Demonstrational Purposes
3917 - Tubes, Pipes And Hoses
4819 - Cartons, Boxes, Cases, Bags And Other
Packing Containers, Of Paper, Paperboard
9010 - Apparatus And Equipment For Photographic
Or Cinematographic Laboratories
3904 - Polymers Of Vinyl Chloride Or Of Other
Halogenated Olefins
4820 - Registers, Account Books, Notebooks, Order
Books, Receipt Books, Letter Pads
9205 - Wind Musical Instruments "E.G. Clarinets,
Trumpets, Bagpipes, Keyboard Pipe Organs
3924 - Tableware, Kitchenware, Other Household
Articles And Toilet Articles
4504 - Agglomerated Cork
4009 - Tubes, Pipes And Hoses, Of Vulcanised
Rubber Other Than Hard Rubber
4704 - Chemical Wood Pulp, Sulphite (Excl.
Dissolving Grades)
Sources: UN Comtrade, DESA/UNSD, OECD, ES Research - Sectoral Research.
ISKO Venezuela
International Premium Unit/ES Research - Sectoral Research/International Unit Dev elopment
20
The Country's Economic Context
Industry Structure
International Trade, Bilateral Trade with Portugal and Opportunities
BES Group’s Internationalisation Support: International Premium Unit
BES Group's International Offering
Contacts
ISKO Venezuela
International Premium Unit/ES Research - Sectoral Research/International Unit Dev elopment
VENEZUELA
BES Group's Internationalisation Support (I)
BES is the Portuguese bank with the largest international presence and the best international offering: for the 7th
consecutive year it has won the “The Best Trade Finance Bank” award.
USA
Spain:
Branch
United
Kingdom:
Branch
BES and ESIB
France:
Luxembourg:
Subsidiary
Branch
BES Vénétie
Italy:
Associated
Banco delle
Tre Venezie
New York:
Branch
BES and ESIB
Poland:
Subsidiary
BES and ESIB
Strategic
Triangle:
Africa-Brazil–
Iberia
China:
Representative
office
Miami:
Subsidiary
ES Bank of Florida
Hong Kong:
Subsidiary
ESIB
Macao:
Subsidiary
BES Oriente
Mexico:
Representative
Office BES and ESIB
Mumbai:
ESIB
Venezuela:
Branch
Brazil:
Subsidiary
and ESIB
Cape Verde:
BES Cape
Verde
Morocco:
Associated
Banque
Marocaine du
Commerce
Extérieur
Algeria:
Associate
d Banque
Extérieure
d'Algérie
ISKO Venezuela
International Premium Unit/ES Research - Sectoral Research/International Unit Dev elopment
Libya:
Subsidiary
Aman Bank
South Africa:
Representative
Office
BES
Angola:
Subsidiary
BES Angola
Mozambique:
Moza Banco
22
VENEZUELA
BES Group’s Internationalisation Support (II)
The Venezuela Branch’s objective is to be the principal Bank for the Portuguese Community resident in Venezuela, guaranteeing
adequate support for Portuguese companies with business in the country and for Venezuelan companies with business in
Portugal.
▪
BES’s Venezuela Branch is in operation since January
2012 as an Universal Bank, with a Branch in Caracas
open to the public in general and with specific areas for
Companies and Private Banking.
▪
An important market, where the Portuguese community
comprises over 500 thousand residents in Venezuela.
Descendants of first-generation Portuguese are a
significant part of the community.
▪
Although an Universal Bank, it is focused on supporting
the Portuguese community both in terms of Personal
Banking and Portuguese companies with business in the
country, in addition to Venezuelan companies with
business in Portugal.
▪
A complete range of products and services is being
implemented by the end of 2012, including:
Day-to-day management (current accounts and
deposit accounts) and internet banking;
Transactional banking services in the domestic
market (cheques, cards and transfers);
Treasury Management and local foreign exchange
services;
Appropriate credit products for the local market.
ISKO Venezuela
International Premium Unit/ES Research - Sectoral Research/International Unit Dev elopment
23
VENEZUELA
BES Group's Internationalisation Support (III)
International Premium Unit
5 Desks of geographically specialized teams
International Business Managers
&
Financial Institutions Managers
Mature
Markets &
China
Eastern
Europe, Asia
& Middle
East
Latin
America
North Africa
& Turkey
Africa
ISKO Venezuela
International Premium Unit/ES Research - Sectoral Research/International Unit Dev elopment
24
The Country's Economic Context
Industry Structure
International Trade, Bilateral Trade with Portugal and Opportunities
BES Group’s Internationalisation Support: International Premium Unit
BES Group's International Offering
Contacts
ISKO Venezuela
International Premium Unit/ES Research - Sectoral Research/International Unit Dev elopment
VENEZUELA
BES Group's International Offering
A Global and Innovative Offering to Support the Internationalisation of the Portuguese Companies
ES Research:
Market Data
Investment Banking
Multipessoal Group
Macroeconomic surveys
Project Finance
Recruitment of specialists (M Search)
Sectoral surveys
M&A
Market research
Corporate Finance
Outsourcing, temporary work, training and
consulting services with presence in Angola
and Spain
Commercial Banking
Business Development
Support to Account Opening / KYC
Support to treasury monitoring /
centralisation
Venture Capital
Support as partner in internationalisation
projects
Tranquilidade
International Transport Insurance
ES Ventures
FX Risk Hedging
Support to Exports/Imports; Trade Finance;
Import Financing
Bank Guarantees / Stand By Letters of
Credit
International Factoring – agreement to use
Eurofactor’s European network
Support to business partners’ search
ES Capital
2bCapital
Espírito Santo Rockefeller Global Energy
Fund
ISKO Venezuela
International Premium Unit/ES Research - Sectoral Research/International Unit Dev elopment
26
The Country's Economic Context
Industry Structure
International Trade, Bilateral Trade with Portugal and Opportunities
BES Group’s Internationalisation Support: International Premium Unit
BES Group's International Offering
Contacts
ISKO Venezuela
International Premium Unit/ES Research - Sectoral Research/International Unit Dev elopment
Disclaimer
This document w as prepared by Banco Espírito Santo and/or any of its subsidiaries (“BES”) and is intended solely for release by BES to qualified investors. Its use is restricted to qualified investors, and their
representatives.
All information contained in this document w as compiled in good faith by BES, using sources of public information considered reliable, although its accuracy cannot be guaranteed. Accordingly, w ith the exception of
information about BES makes no representation as to the accuracy or completeness of such information.
The opinions expressed in this document reflect BES’s point of view as of the date of its release and may be subject to change w ithout prior notice. BES does not assure the update of this document.
This document is not a research report, neither represents any kind of advisory, nor is an offer to buy or sell or intends to solicit an order to buy or sell. The prices of any instruments described in this document are
indicative prices only and do not constitute firm bids or offers. BES may choose to make a market for any instruments referred in this document, but are not obliged to do so. Any such market-making activities may
be discontinued at any time w ithout notice. The prices of any financial instruments described in this document are indicative prices only and do not constitute firm bids or offers.
BES may trade for their ow n account or of their clients any instruments that may be referred to in this document, as w ell as they may have any business relationship w ith the entities referred on it. BES may act as
market-makers of any instruments referred to in this document, although they are not obliged to do so and, if they do it, they may terminate that activity at any moment. BES may act as placement agent, advisor,
lender or in other capacities in w ith respect to financial instruments or issuers referenced in this document.
BES may trade for its ow n account and may also engage in securities transactions in a manner inconsistent w ith this document and w ith respect to financial instruments covered by this document.
BES has no obligation to update, modify or amend this document or to otherw ise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein,
changes or subsequently becomes inaccurate. Prices and availability of financial instruments are also subject to change w ithout notice. This document is provided for informational purposes only. BES w ill not
accept any responsibility for any loss resulting from the use of the information or opinions referred in this document.
The financial instruments discussed in this document may not be suitable for all investors and investors must make their ow n investment decisions using their ow n independent advisors as they believe necessary
and based upon their specific financial situations and investment objectives. If a financial instrument is denominated in a currency other than an investor’s currency, a change in exchange rates may adversely affect
the price or value of, or the income derived from the financial instrument, and such investor effectively assumes currency risk. In addition, income from an investment may fluctuate and the price or value of financial
instruments described in this document, either directly or indirectly, may rise or fall. Furthermore, past performance is not necessarily indicative of future results.
The financial instruments discussed herein may be subject to restrictions w ith regard to certain persons or in certain countries under national regulations applicable to said persons or in said countries. It is each
investor’s responsibility to ensure that it is authorized to invest in those financial instruments.
This document is confidential and addressed to a restricted number of entities. If you are not an addressee of this document, you should immediately destroy it. The dissemination or copy, in total or in part, of this
document is not allow ed.
Additional information is available upon request.
Additional disclosures for US persons
The enclosed document does not constitute any kind of research report or any kind of offer to sell any of the financial instruments discussed herein, nor is it soliciting an offer to buy such financial instruments. The
financial instruments issued by Companies that may be discussed herein may be subject to restrictions w ith regard to certain persons or in certain countries under national regulations applicable to said persons or in
said countries. It is each investor’s responsibility to ensure that it is authorized to invest in those securities.
The financial instruments discussed in this material may not be suitable for all investors. Investors should make their ow n assessment of the risks from a legal, tax and accounting perspective prior to investing in
such products. Past performance is no guarantee to future performance.
This document is being distributed to, and is intended solely for the use of, institutional investors. Notw ithstanding the generality of the preceding sentence, this document is intended solely for the use of the
institutional investor to w hich it has been sent by BES and such recipient’s agents, employees, advisors and representatives. If you have received this document in error, you are urged to destroy it or return it
immediately to BES.
The prices of any financial instruments described in this document are indicative prices only and do not constitute firm bids or offers. BES or its affiliates may choose to make a market for any such financial
instruments, but neither BES nor any of its affiliates has an obligation to do so. Any such market-making activities may be discontinued at any time w ithout notice. Certain information contained in this document has
been derived from public sources that BES deems to be reliable. Neither BES nor any of its affiliates, how ever, have independently verified such publicly available information nor do they take responsibility for its
accuracy or completeness.
Any U.S. person receiving this document and w ishing to effect transactions in any financial instruments discussed herein should do so, if applicable, through BES and not through any non-U.S. affiliate of BES.
ISKO Venezuela
International Premium Unit/ES Research - Sectoral Research/International Unit Dev elopment
28
International Premium Unit
Head
Ricardo Bastos Salgado
[email protected]
Head
Miguel Frasquilho
[email protected]
Francisco Mendes Palma
[email protected]
Susana Barros
[email protected]
Luís Ribeiro Rosa
[email protected]
Paulo Talhão Paulino
[email protected]
Conceição Leitão
[email protected]
João Pereira Miguel
[email protected]
Patrícia Agostinho
[email protected]
Salvador Salazar Leite
[email protected]
Miguel Bidarra
[email protected]
José Manuel Botelho
[email protected]
Celina Luís
[email protected]
Head Sectoral Strategist
Marta Mariz
International b usiness and
financial institutions Director
Latin America
Desk
[email protected]
Pedro Silva
Nuno Ferreira
International b usiness
[email protected]
[email protected]
Isabel Linhares Cotta
Sílvia Vieira da Silva
Financial institutions
[email protected]
[email protected]
ISKO Venezuela
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Research Sectorial
29