The Standard Chartered Bank is expected to be granted a license to operate in Angola by the end of this year, which will allow it to compete with banks already operating in the country, said António André Lopes, the deputy governor of the Angolan National Bank.
Speaking to financial news agency Bloomberg, André Lopes also said that the request made by Standard Chartered needed approval from the Council of Ministers and noted that the central bank had been receiving a lot of requests from national and foreign banks to establish new banks.
Standard Chartered has had a representative office in Angola since 2010 and established a 60/40 partnership with insurance company Empresa Nacional de Seguros de Angola (ENSA).
Angolan now has 23 banks, including local banks Banco Angolano de Investimentos (BAI) and Banco BIC and foreign-owned banks such as Banco Espírito Santo Angola (BESA) and South Africa’s Standard Bank.
There are 10 foreign banks with representative offices in Angola including the Bank of Brazil, Commerzbank, HSBC, PNB Paribas, Nedbank and the State Bank of India. (macauhub)