The National Bank of Angola (BNA) has begun the process of closing NatraBank, a company with a capital of 2 million kwanzas (US$13,000) which was inaugurated less than two weeks ago, Angolan weekly newspaper Expansão reported quoting a source from the bank central.
The source added that the company had already been warned by the supervision department of the National Bank of Angola that it cannot use the word “bank” in its name, as it is reserved for entities authorised by the BNA to operate as financial institutions.
NatraBank was presented by Celeste de Brito, president of the Board of Directors, as a unique bank in Africa and in the world that focuses natural resources, and is directed at financing farmers, builders and miners.
Article 12 of the Basic Law of Financial Institutions in Angola states that “only entities authorised as financial institutions may include in their firm or denomination, or use in the exercise of their activity, expressions that suggest the activity of banking financial institutions or non-banking financial institutions, namely bank, banker, credit, depository, financial leasing, financial assignment, distributor or securities brokerage or other similar terms.”
The source from the BNA quoted by ExpansÃ£o said that, after being informed about the activities carried out by NatraBank, the supervision of the BNA found it “appropriate to outlaw the company” and order its closure. (macauhub)