National Bank of Angola decrees bankruptcy of Banco Angolano de Negócios e Comércio

8 February 2019

The National Bank of Angola (BNA) has revoked the banking license of Banco Angolano de Negócios e Comércio (BANC), due to the inability of its shareholders to raise the necessary capital to meet minimum legal requirements, the Angolan central bank said in a statement.

BANC had been subject to intervention by the National Bank of Angola, following a decision on 26 June, 2018, after a significant deterioration of the bank’s financial indicators and its inability to cover its responsibilities in the national payment system.

The intervention of the National Bank of Angola confirmed the bank had an inadequate governance model in view of the risks incurred and serious financial deficiencies, resulting in the technical bankruptcy of BANC.

At the end of 2018, the bank’s paid-in capital was 4.346 billion kwanzas and regulatory equity was negative by 19.639 billion kwanzas, requiring a capital increase of no less than 24 billion kwanzas.

Banco Angolano de Negócios e Comércio (BANC) had as its main shareholders the politician and general Kundi Paihama and the Social Security Fund of the Angolan Armed Forces.

The BNA announced earlier this year that it had revoked the licenses of Banco Mais and Banco Postal, due to the fact that they did not increase their share capital to a mandatory minimum of 7.5 billion kwanzas. (macauhub)