Standard Bank Angola is expected by the end of the year to open five new branches in Angolan provincial capitals, as part of its strategy to expand its branches and services across the country, the bank said in a statement.
As well as the five agencies it operates in Luanda, the country’s capital, Lubango, in Huíla province, is so far the only other city where the bank operates.
In the statement the bank said that it planned to double its capital from US$50 million to US$100 million, as it believed its operations in Angola had greater significance and importance for the group on a worldwide scale.
In Angola, the Standard Bank (focused on international investment banking) positions itself to provide funding for investment projects and activities of both individuals and companies.
Meanwhile, the Standard Bank, which is of British origin and has subsidiaries in several African countries, was named “Best Bank” operating in Trade Finance in Africa, thus consolidating its leadership position in Africa.
The award was given by Trade & Forfaiting (TFR) magazine, a British publication, which every year grants awards to banks that it considers have performed best over the previous year. (macauhub)