Angola: Banking sector growth places Angola amongst most developed African countries

22 November 2007

Luanda, Angola, 22 Nov – The rapid growth of the Angolan banking sector over the last few years, will allow Angola to join the group of African countries with a more developed financial sector, the chairman of KPMG, Paul de Sousa said Wednesday in Luanda.

Sousa was speaking to the press just before presenting the third edition of research on the development of the Angolan banking sector, which the KPMG consultancy publishes annually.

He said that, as part of this growth, one or two Angolan banks could be included on the list of the 1,000 largest world banks, as of 2008.

“In the 1,000 largest world banks there are as yet no Angolan banks, but we expect that that could happen in the next year, perhaps one or two banks,” he noted.

Paul de Sousa said that despite the banks experiencing great difficulties in their expansion through the country, in attracting staff, it was also necessary to focus on implementing a modern and transparent regime with international standards.

KPMG Wednesday published its third report on the evolution of the Angolan banking sector, which brings together information provided by banks operating in the country. (macauhub)