Angola’s postal service Empresa Nacional de Correios e Telégrafos de Angola plans to set up a postal bank, Banco Postal, a limited liability company focused on attracting savings, the state company said in a statement issued on Friday.

The initial capital of Banco Postal was provided by Angolan public and private business entities, including the postal service itself Empresa Nacional de Correios e Telégrafos de Angola, state insurer ENSA Seguros de Angola, Grupo ENSA – Participações e Investimentos, EGM Capital and C8 Capital.

The financial institution will start operating in the final quarter of this year, through one of its three business units.

“Banco Postal will be the most recent institution in Angola’s banking sector and aims to be a clear and decisive benchmark to build trust,” the statement said. (macauhub/AO)