Angola’s Banco Sol opens branches in Mozambique and Namibia

17 November 2015

Angola’s Banco Sol plans to open branches in Mozambique and Namibia in the first quarter of 2016 to strengthen its presence in the international market, the bank’s chief executive announced in Luanda.

The announcement by Coutinho Miguel was on the sidelines of the opening of another branch in Luanda, in the Rangel district, which involved an investment of US$1 million, according to Jornal de Angola.

The CEO of Banco Sol also said that since the beginning of the year the bank had already spent about US$25 million opening branches, counters, and business points and centres in the country.

Miguel recalled that this year the bank had launched a credit line called “Sol entrepreneurship 2015”, to grant credit to customers at attractive rates.

“This credit line, with a budget of 5 billion kwanzas, was created with the aim of bringing banking services closer to the community and reducing red tape for access to loans, particularly by micro, small and medium enterprises”, he said.

Banco Sol currently has registered capital of US$18.3 million and its main shareholders are Sansul, of the GEFI group, with 45 percent and the Lwini Foundation, with 10 percent. (macauhub/AO/MZ)