Related Articles
Top Stories
May 25 2012 13:58
The costs of the first phase of the Gauteng Freeway Improvement Project have increased significantly to almost R90bn, according to a report.
May 24 2012 17:31
The Reserve Bank will maintain current interest rates, and a considerable reduction in the local petrol price is anticipated, says governor Gill Marcus.
May 25 2012 11:36
The JSE has identified and stopped "incorrect" trades from one of its members, and will reverse the trades and lower the session's total value after the close.
Lisbon - Africa's biggest bank by assets, Standard Bank, will start banking operations in Angola in the fourth quarter of
2008, Angolan news agency Angop cited the bank's chairperson as saying on Monday.
Following a four-day visit to Angola, Clive Tasker told Angop local authorities would soon clear the way for Standard Bank to convert its current representative office into a bank.
Standard Bank will invest $25m to begin its operations in Angola and may double that amount in coming years, he said. The
group said last year it aimed to become a bigger player in key African countries.
Angola is experiencing an unprecedented economic boom due to rising oil exports and prices and an investment bonanza aimed at rebuilding the country after a 27-year civil war that ended in 2002.
The country, which recently surpassed Nigeria as Africa's biggest oil producer, has a total of 17 banks, but only four of them control about 80% of the market.
Analysts expect Angola's banking system to experience tremendous growth in coming years, given that only 10% of the Angolan population has access to banking services.
Banco Fomento de Angola (BFA), owned by Portuguese bank BPI, is the largest private bank in Angola with over 100 branches and $4bn in assets.
- Reuters