Angola’s National Bank suspends board of directors of Banco Angolano de Negócios e Comércio

27 June 2018

The National Bank of Angola (BNA) has suspended the board of directors of Banco Angolano de Negócios e Comércio (BANC) and appointed new provisional directors for the bank in order to protect depositors and meet the other responsibilities of BANC, as well as to ensure the stability of the national financial system, according to a statement posted on the central bank’s website.

The measure was taken because the current shareholders are not available to proceed with the capital increase determined by the central bank, in line with BNA notice no. 02/2018, which obliges Angolan banks to raise the minimum capital stock of 2.5 billion to 7.5 billion kwanzas (about US$30 million) by the end of this year.

The central bank said that the reorganisation measures are intended to restore the terms of financial and operational sustainability of the bank, harmonising them with the current rules for commercial banking in the country. It added that it would carry out a detailed assessment of the loan portfolio and its inclusion in BANC’s losses; as well as an assessment of the assets to be transferred, and the restructuring of creditor liabilities.

The interim directors shall perform their duties for a period of six months, which may be extended for an equal period, within which they are expected to prepare a report on the assets and liabilities of BANC and their causes and submit it to the Governor of the National Bank of Angola, according to the document. (macauhub)