Luanda, Angola, 14 July – South Africa’s Standard Bank plans to open a branch in Angola in the final quarter of this year, according to its chairman, Clive Tasker.

Speaking to Angolan news agency, Angpop, Tasker said that during his four-day working visit to Angola he had finalised the details of the process.

The South African bank has had a representational Office in Luand for the last two years and the new subsidiary will have initial capital of US$25 million, which may later be increased to US$50 million.

The Standard Bank, which is headquartered in South Africa, is present in 16 African countries, of which 11 are members of the Southern Africa Development Community (SADC). (macauhub)