South Africa’s Standard Bank has been the most recent public victim of an informal rule that foreign-owned banks must operate onshore in Angola in partnership with a local institution: usually meaning Sonangol or the ruling family.
Standard Bank gained one of Angola’s rarely given banking licences in 2009 and has said it plans to almost quadruple its branch network in Angola to around 70 in the next three to five years.
This summer Standard Bank announced it had entered into a partnership with AAA Activos, Angola’s biggest insurance group, partly owned by Sonangol and with an almost monopoly share in the oil sector.
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