Angola: South Africa’s Standard Bank to start operating in Angola

31 January 2008

Luanda, Angola, 31 Jan – South African banking group Standard Bank is to start operating in Angola and will focus its activity in investment and retail banking, Peter Wharton-Wood said in Luanda Wednesday.

Speaking to Angolan news agency Angop, Wharton-Wood, who is responsible for retail and commercial banking, said that the group, after starting its activities, will analyze its retail operation “with time.”

Wharton-Wood said the bank planned to begin operating in Angola this year and was awaiting authorization from the Angolan government.

He added that it would look for Angolan investors for a partnership in which the Standard Bank would have a 51 percent stake.

The initial capital of the bank would be US$25.5 million, which could increase to US$50 million within two years, with the entry of Angolan shareholders.

The Standard Bank was set up 144 years ago and is set up in 138 countries, 18 of which in Africa. (macauhub)