The minimum starting capital to set up a retail bank in Angola has increased to 2.5 billion kwanzas (US$25 million) the governor of the National Bank of Angola said Thursday in Luanda.

With the approval of this decision by the Economic Commission of the Council of Ministers, the shareholders of some banks will have to make some adjustments by June 2014, said José de Lima Massano.

The governor of the BNA also noted that rules for licensing of new banking institutions had been reviewed. The most notable change was a maximum deadline of six months to issue an operating license.

“The new rules require that the central bank make a decision in a maximum of six months, which can be extended to 12 months,” noted the governor of the BNA. (macauhub)