Standard Chartered opens Angola branch

Asian-focused bank Standard Chartered opened a branch in Angola on Wednesday as it seeks to further broaden its footprint on the African continent.

An official for the London-based bank, who declined to be named, confirmed that it had obtained a licence to operate in Angola last year.

“It’s just a representative office,” the executive told Reuters, declining to give further details until an official announcement from the firm, expected on Monday, has been made.

Standard Charted already operates in 13 other African countries.

Angola rivals Nigeria as Africa’s biggest oil producer and is the world’s fifth-biggest diamond producer. It is the third-biggest economy in sub-Saharan Africa, behind Nigeria and South Africa.

The southern African country has a booming commercial banking sector, but only 15 percent of the nation’s 16.5 million population is estimated to have access to banking services.

Standard Bank, Africa’s biggest bank by assets, was also given a banking licence by Angola last year and hopes to be open for business by mid-year.

Source: Reuters