South African Bank to expand into Angola

by Richard Kilner

Story link: South African Bank to expand into Angola

Yesterday the South African Standard Bank announced its plans to begin operating in the Angolan marketplace.

Peter Wharton-Hood, the firm’s executive director, said that the starting point for the expansion could be in the investment and commercial sectors.

Corporate investment banking may be the first step in the bank’s operations, leading on to the retail sector.

The bank intends to begin its Angolan operations in 2008, once the go ahead has been given by the government.

It will seek Angolan firms to partner the business, where the South African bank has a 51% stake.

The Standard Bank will invest US$25.5m in the first year, with a possible increase to US$50m contingent upon engagement with Angolan partners.