Angola’s National Bank revokes licenses of two commercial banks

7 January 2019

The National Bank of Angola (BNA) has revoked the licenses of Banco Mais and Banco Postal, because they did not increase their capital stock to a minimum of 7.5 billion kwanzas, the governor of the central bank announced in Luanda.

The BNA announced in March 2018 that the banks operating in the country would have until the end of that year to increase the minimum legal capital stock from 2.5 billion to 7.5 billion kwanzas (US$8 million to US$24 million).

José de Lima Massano said on Friday that bank assets will be managed under the Bankruptcy Law, with priority being given to the return of deposits to clients and that the measure adopted by the central bank “strengthens confidence in the national banking system.”

The licenses of these banks were revoked on 2 January, during a regular meeting of the BNA board of directors, on the grounds that their promoters or shareholders had not demonstrated the financial capacity to continue in the banking sector.

Banco Mais started operating in September 2015, as a regional bank – Banco Pungo Andongo – in the province of Malanje, where its first branch opened in November of that year.

In 2017, the Bank’s articles of association were amended and, in addition to the change from a regional to a national bank, the name was changed to Banco Mais.

Banco Postal began operating in March 2107 with 150 Xikila Money kiosks and 50 in Huambo, along with four branches.

On Saturday, Banco Postal shareholders denied that the bank was “bankrupt” noting that it has “positive regulatory capital, clearly enough to cover all liabilities.”

Shareholders reacted in a statement noting that the bank’s economic and financial situation “does not represent a risk to the Angolan banking financial system” nor “to the clients’ deposit portfolio.” (macauhub)