Ecobank expands into Angola

by Richard Kilner

Story link: Ecobank expands into Angola

Ecobank Transnational Inc. has announced that it has been given the green light by the Banco Nacional de Angola to open a new representative office in Luanda, Angola.

Group Chief Executive Officer Arnold Ekpe has described the approval as a landmark moment for the bank, as it enables the firm to establish itself in one of Africa’s most rapidly growing markets.

Ekpe added that Ecobank had been working on the move for some time and was pleased to have been given the go ahead by the Angolan central bank.

Angola has strong growth potential, and is rich in oil. It also fits in with Ecobank’s regional growth strategy, with affiliates operating in Sao Tome, Guinea Bissau and Cape Verde.