The Angolan government has authorised the Bank of China to open a branch in Angola to develop the banking sector, according to an order signed by the President of Angola.
The order dated 13 May said that the Chinese state bank will operate in the country under the name Bank of China – branch in Angola, according to Portuguese news agency Lusa.
In December 2012, the Bank of China announced it had been authorised by the government of Angola to open a representative office in the capital Luanda, “the first Chinese-owned bank approved by the National Bank of Angola.”
The statement said the representative office in Angola was the Bank of China’s fourth in Africa, after opening branches in Zambia, South Africa and Kenya.
At the time the Bank of China said it was opening the representative office following an increase in trade and economic relations between China and Angola, “which led to increased demand for financial services.”
Founded in 1912, the Bank of China is the only Chinese bank to operate continuously for over a century and is also the most international and diversified commercial bank in China, present in Hong Kong, Macau, Taiwan and in 35 countries and territories. (macauhub/AO/CN)