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Standard Bank to commence operations in Angola

By Shanna | November 30, 2009

Angola has given Standard Bank, Africa’s biggest bank by assets, the green light to commence operations as a full-service bank in the oil-producing country. The company already has a representative office in Lusaka, and has been waiting for a banking licence from Angolan authorities since 2007.

Angola’s commercial banking industry is booming and Standard Bank’s entry will be the first by a South African bank into the country. Economic ties between the two countries have become closer since Jacob Zuma took up the South African presidency, as he is a personal friend of Angolan President Jose Eduardo dos Santos. The two met earlier this year to bolster economic relations between the two countries.

In a statement released yesterday, the Council of Ministers stated that they had “authorised the constitution of Standard Bank de Angola to act as a universal bank dedicating itself to retail and investment operations.” The news comes just days after Angola’s biggest bank by deposits, Banco Africano de Investimentos, announced that they will open a representative office in South Africa.

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