Standard Chartered Bank wants to open a branch in Mozambique in 2014

10 May 2013

Britain’s Standard Chartered bank has asked for a license to operate in Angola and also plans to do so in Mozambique, where it expects to open its first branch in 2014, the president of the bank’s Africa division said in Cape Town Thursday.

The bank, which operates in 15 African countries, said in April that it planned to double its turnover in Africa in the next five years.

The British bank entered into a 60/40 partnership with Angolan state insurer Empresa Nacional de Seguros de Angola (ENSA) and has already requested a banking license, which will have to be approved by the National Bank of Angola.

“We are expecting a response by the end of the year,” Diana Layfield told DowJones Newswires on the sidelines of the Africa World Economic Forum held in Cape Town, South Africa.

In Mozambique’s case, activities in the natural gas sector led the bank’s board of directors to request a banking license, which is expected to be granted soon, according to Layfield, who added that the bank already provides “offshore” services to a number of groups operating in Mozambique. (macauhub)