Angola: Standard Bank establishes agreement with Angolan investors

30 July 2008

Lumumbashi, Democratic Republic of Congo, 30 July – South Africa’s Standard Bank plans to obtain a banking license for Angola in August after signing an agreement with an Angolan bank, according to its chief executive, Clive Tasker.

“We have signed an agreement,” with a group of local investors, Tasker said during a presentation in the capital of Katanga province in the Democratic Republic of Congo, but declined to name the investors.

The Standard Bank will have a 51 percent stake of the Angolan bank and the local partners will own the remainder.

Tasker noted that the Standard Bank would invest US$25 million in the business and that the local investors would provide slightly less than that amount. (macauhub)