Britain’s Standard Chartered Bank has been granted a license to operate in Angola and the local bank will be called Standard Chartered Bank Angola, according to Angolan newspaper O País.
The newspaper added that the first branch of Standard Chartered Bank Angola was expected to open in Luanda before the end of the year.
The new bank, the 23rd bank authorised by the Angolan National Bank to operate in Angola, is a partnership between Standard Chartered and Angola’s oldest post-independence insurance company, Empresa Nacional de Seguros de Angola (ENSA), following negotiations concluded in February.
The Standard Chartered Bank Angola is majority-owned (60 percent) by Standard Chartered PLC, represented by Standard Chartered Holding Africa, Standard Overseas Holding Limited, and SCMB Overseas Limited.
The remainder (40 percent) is split between ENSA and the ENSA group, which coordinates all the subsidiaries and stakes that the insurance group has in other sectors. (macauhub)