Next April the National Bank of Angola will start a process of evaluation of the asset quality of the country’s 12 largest commercial banks, as part of moves to stabilise the Angolan financial system, Deputy Governor Manuel Tiago Dias announced on Thursday in Luanda.
Out of 26 banks, the assets of Banco Angolano de Investimento (BAI), Banco Fomento Angola (BFA), Banco Comércio e Indústria (BCI), Banco Poupança e Crédito (BPC), Banco Internacional de Crédito (BIC), Banco Millennium Atlântico (BMA), Banco Sol, Banco de Negócios Internacional (BNI), Banco de Desenvolvimento de Angola (BDA), Banco de Comércio Angolano (BCA), Caixa Angola (CA) and Banco Económico (BE) will be evaluated.
The central bank decided to assess the assets of commercial banks because the ratio between credit granted and due for more than 90 days or defaulted increased from 12.6% in 2016 to 28% in 2017.
Manuel Tiago Dias, after presenting the recent evolution of the country’s economy to the diplomats in Angola, said that asset quality assessment is carried out periodically to gauge the information that commercial banks provide to the central bank, according to Angolan state news agency Angop.
The director of the Banking Supervision Department of the BNA, Tuneca Lucal, announced the future review of the law on financial institutions, which may exclude Politically Exposed Persons (PEP) from bank management, in addition to complying with the current law on money laundering. (Macauhub)