Angola: Angola’s banking sector sees high levels of growth

30 October 2008

Luanda, Angola, 30 Oct – The Angolan banking sector posted considerable levels of growth, of around 59 percent of total assets, in 2007, according to a study on the banking sector presented Wednesday in Luanda.

The study, published by financial consulting and auditing company KPMG, showed that the Angolan banking sector continues to grow and the 59 percent of total assets for 2007, exceeded the 53 percent growth achieved in 2006.

The document shows Banco Africano de Investimentos (BAI) as being Angola’s leading bank, in terms of assets, with a total of 274 billion kwanzas.

BAI’s total assets account for 21 percent of total assets in the sector, followed by Banco de Fomento Angola (BFA) with 267 billion kwanzas (20 percent) and by Banco de Poupança e Crédito (BPC) with 214 billion kwanzas, accounting for 16 percent.

In 2007 the weighting of the top three banks, as compared to 2006 fell by five percentage points (from 63 percent to 57 percent) in terms of total assets, reflecting the continued diversification of the sector and importance of new operators.

The study also noted that in 2007 several new banks started operating such as Banco VTB-África and Banco Angolano de Negócios e Comércio (BANC), taking the total number of banks operating in Angola from 15 to 17.

In 2008 Finibanco Angola opened and Angolan-owned Quantum Capital bank is due to open soon, as is Standard Bank Angola.

This is the fourth study presented by KPMG since it was set up in Angola in 1997. (macauhub)