Standard Bank Angola to continue funding Angolan economy

17 March 2015

Standard Bank Angola will continue to finance the Angolan economy in the coming years, said the bank’s chief executive, Luís Teles as he presented the Global Finance magazine award received by the bank.

Luis Teles said that in the last two years Standard Bank had provided financing of US$480 million for infrastructure and energy projects by Angolan, beyond the oil sector.

As part of the programme for diversification of the national economy, Standard Bank Angola has conducted a number of activities, including increasing its credit portfolio for Angolan companies, with a focus on industrial sector companies working to reduce the imports.

Giving assurances that customers are able to meet their financial commitments within the terms agreed between the parties, Teles said the bank would continue to finance the State in order to maintain economic growth and increase its focus on local production projects.

Standard Bank Angola currently has 24 branches in the provinces of Benguela, Lubango, Kwanza Sul, Huambo and Luanda, with plans to open three more this year in the districts of Sumbe (Kwanza Sul), Lobito (Benguela) and Porto Amboim (Kwanza Sul). (macauhub/AO)