South Africa’s Standard Bank receives banking license to operate in Angola

1 December 2009

Johannesburg, South Africa, 1 Dec – South Africa’s Standard Bank, the biggest bank in South Africa, has been granted a banking license to operate in Angola, where it is due to start operating in mid 2010, the bank said Monday in Johannesburg.

In a statement, the Standard bank said that the license had been granted over the weekend by the Angolan Council of Ministers and added that it had been waiting for the license since May, 2008.

Clive Tasker, the bank’s chief executive, was cited in the statement as saying that Angola was an extremely important market for the Standard Bank as it provided opportunities in many sectors, such as oil, mining, agriculture and trade.

Tasker also said that the Standard Bank would open a full service bank in Angola, although it would focus on investment and business banking, and that the bank would start operating in mid 2010. (macauhub)