Standard Bank gets go-ahead to operate in Angola
November 28, 2009
Luanda - Angola has given the go-ahead for Standard Bank, Africa's biggest bank by assets, to start operating in the oil-producing nation as a full-service bank, according to a statement by the Council of Ministers.
The South African bank, which has a representative office in Luanda, had been waiting for a banking licence from Angolan authorities since 2007.
"The Council of Ministers has authorized the constitution of Standard Bank de Angola, S.A. to act as a universal bank... dedicating itself to retail and investment operations," it said in a statement on Friday.
The Chief Executive of Standard Bank Africa, Clive Tasker, said on Aug. 20 the firm planned to open a full service bank in Angola with an emphasis on corporate and investment banking.
Standard Bank's entry into Angola's booming commercial banking sector will be the first by a South African bank.
Both countries have been trying to bolster business ties since Jacob Zuma, a personal friend of Angolan President Jose Eduardo dos Santos, became president of South Africa earlier this year.
The head of the Association of Angolan Banks (ABANC), Jose Masssano, told Reuters on Thursday he expected the banking sector to enjoy strong growth in coming years as only 15 percent of the nation's 16.5 million population had access to banking services.
Angola rivals Nigeria as Africa's biggest oil producer and is the third-biggest economy in sub-Saharan Africa, behind Nigeria and South Africa. - Reuters
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