StanChart opens subsidiary in Angola
(28 January 2014 – Africa) Standard Chartered has announced the opening of an onshore banking subsidiary in Angola as it deepens it presence in Africa.
The Bank has signed a joint venture with ENSA a leading Angolan insurance company, in which Standard Chartered is the majority shareholder, with 60 percent of the share capital of the bank, and ENSA with 40 percent.
The subsidiary, which will be named Standard Chartered Bank Angola, S.A, will be the first major international bank with an onshore presence in Angola, an important development in the context of the increasing sophistication of the Angolan economy and particularly of its financial sector.
Miguel Miguel, an Angolan national with over a decade of experience working in the oil and gas industry in the country, will be Chief Executive of the new subsidiary.
Standard Chartered Group Executive Director and Chief Executive for Europe, the Middle East, Africa and the Americas said Angola is the third largest economy in Sub Saharan Africa and China’s largest trading partner on the continent, accounting for a fifth of Africa’s total trade with China.
“I am delighted that Standard Chartered is the first major international bank to open up onshore in this fast growing market.
“Our partnership with ENSA will allow us to deepen our relationships with our existing clients and win new business as we support trade and investment between Angola and our network in Asia, Africa and the Middle East.”
ENSA is the leading state-owned insurance company in Angola engaged in the life and non-life insurance businesses and in the formation and management of pension funds.
Across all its markets in Africa, Standard Chartered has a proven track record in being able to assist companies operating cross-border transactions between Africa and China, providing the necessary financial tools and strategic advice to Chinese companies doing business in the region.