South Africa’s Standard Bank plans to increase the size of its network in Angola four-fold by the end of the year and to increase the number of bank’s branches in Angola to between 60 and 70 in the next three years, the Bank’s managing director, Pedro Pinto Coelho said in Luanda.
Speaking to financial news agency Reuters, Pinto Coelho said that the bank currently has six branches in Angola and that by the end of the year it planned to have between 20 and 25.
The Standard Bank, which is present in 17 African countries, was granted a license to operate in Angola in 2009. Another 21 banks operate in Angola and the top five, including state-owned Banco Angolano de Investimentos and the banks controlled by Portuguese banks Espírito Santo and BPI, control around 80 percent of the market.
In Angola, the Standard Bank provides banking services to individuals and small businesses but its board plans to focus on investment banking in sectors of rapid growth such as oil, manufacturing infrastructure, and food distribution.
The South African bank, which is 20 percent-owned by the Commercial and Industrial Bank of China, in 2011 started a process of leaving emerging markets in order to focus on the African market. On Tuesday it announced it had sold its stake in Standard Unlu, a partnership it had in Turkey. (macauhub)