Customers of Angolan banks Banco Mais and Banco Postal may remove funds by 31 January

14 January 2019

Customers of Angolan banks Banco Mais and Banco Postal, whose licenses were revoked on 2 January, can take out their funds or transfer them to other financial institutions as of 14 January, the National Bank of Angola (BNA) said.

The Angolan central bank revoked the licenses of the two banks after their respective boards failed to comply with the provisions of Notice no. 2/2018, which required a capital increase from 2.5 billion to 7.5 billion kwanzas by 31 December 2018.

In the note, the BNA said that the process of removal and/or transfer of customer deposits to other banks will continue until 31 January 2019.

The governor of the National Bank of Angola, José de Lima Massano, announced on 4 January that he had asked the Attorney General’s Office to order the bankruptcy of the two banks and to appoint a liquidation commission for the two banks.

Banco Postal started operating in March 2107, with 150 Xikila Money kiosks and 50 in Huambo, along with four branches, while Banco Mais started its activity in September 2015, as a regional bank – Banco Pungo Andongo – in the province of Malanje, where it inaugurated its first branch in November.

After its license was revoked, Banco Postal shareholders went public to deny that they were bankrupt and stated that the bank had the financial strength to continue operating in the market. (macauhub)