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The Banking Sector in Angola
BY Louise Mitchell
Angola
09 May 2016
R 2 040.00 (ZAR)  
estimated $ 143.91 (USD) *
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The Banking Sector in Angola


This report focuses on the Angolan banking industry and includes other credit granting, lease financing, and loyalty and reward programmes. The finance, real estate and business services sector contributed 3.6% to GDP in 2013 and with total banking assets in 2014 of approximately US$65.5bn, the banking sector plays a vital role in the country’s economy.


A Flourishing Sector


Since the end of the civil war in 2002, the Angolan banking sector has evolved from a state-controlled financial system into a flourishing sector espousing privatisation and liberalisation. Of the 29 commercial banks that are currently licensed to conduct business, three are state-owned. However, through the state oil company, Sonangol, the government has retained an indirect stake in six other banking institutions. There is a high level of concentration, with five banks controlling 73% of the country’s total banking assets, and 77% of deposits and short-term funding.


Challenging Conditions


Since 2015 the Angolan banking sector has seen a slowdown in its growth rate and is facing major challenges as a result of the low oil price and the lack of economic liquidity in terms of foreign currency. Increasing pressure on economic growth is evident in the inflation rate that climbed to 20.3% in February 2016, the highest it has been since December 2005. Interest rates were increased to 14% in March 2016, following a raise to 12% the previous month and the World Bank anticipates that Angola’s US$113.9bn economy will contract by 0.3% in 2016.


Report Coverage


The detailed report on the Angolan banking sector describes the current market, the latest regulatory developments and discusses factors influencing the success of the sector. The report profiles 24 companies, including the five leading banks, Banco Angolano de Investimentos (BAI), Banco de Poupança e Crédito (BPC), Banco de Fomento Angola (BFA), Banco Privado Atlântico (BPA) and Banco Internacional de Credito Angola (Banco BIC). Also profiled are Standard Bank de Angola (SBdA), a subsidiary of Standard Bank of South Africa, and Banco VTB Africa, S.A. (VTB), a partnership between Russian bank VTB Bank and Angolan partners which specialises in the provision of corporate banking services to international companies operating in the country.


Page
1. INTRODUCTION 1
2. DESCRIPTION OF THE INDUSTRY 1
2.1. Industry Value Chain 4
2.2. Geographic Position 5
3. SIZE OF THE INDUSTRY 6
4. STATE OF THE INDUSTRY 14
4.1. Local 14
4.1.1. Corporate Actions 19
4.1.2. Regulations and Government Programmes 22
4.1.3. Enterprise Development and Social Economic Development 25
4.2. Continental 27
4.3. International 30
5. INFLUENCING FACTORS 31
5.1. Government Initiatives 31
5.2. Economic Environment 32
5.3. Expansion into Africa 34
5.4. Labour 34
5.5. Rising Operating Costs 35
5.6. Information Technology 36
5.7. Crime and Security 39
5.8. Financial Inclusion 39
5.9. Environmental Concerns 40
6. COMPETITION 40
6.1. Barriers to Entry 41
7. SWOT ANALYSIS 43
8. OUTLOOK 44
9. INDUSTRY ASSOCIATIONS 45
10. REFERENCES 45
10.1. Publications 45
10.2. Websites 46
COMPANY PROFILES 48
BANCO ANGOLANO DE INVESTIMENTOS SA 48
BANCO ANGOLANO DE NEGOCIOS E COMERCIO SA 54
BANCO BAI MICRO FINANCAS SA 57
BANCO BIC SA 59
BANCO CAIXA GERAL TOTTA DE ANGOLA SA 61
BANCO COMERCIAL ANGOLANO SA 64
BANCO COMERCIAL DO HUAMBO SA 68
BANCO DE COMERCIO E INDUSTRIA SA 70
BANCO DE DESENVOLVIMENTO DE ANGOLA 72
BANCO DE FOMENTO ANGOLA SA 74
BANCO DE INVESTIMENTO RURAL SA 77
BANCO DE NEGOCIOS INTERNATIONAL SA 78
BANCO DE POUPANCA E CREDITO SA 84
BANCO KEVE SA 86
BANCO KWANZA INVESTIMENTO SA 90
BANCO MILLENNIUM ANGOLA SA 92
BANCO PRESTIGIO SA 97
BANCO PRIVADO ATLANTICO SA 99
BANCO SOL SA 102
BANCO VALOR SA 106
BANCO VTB AFRICA SA 108
FINIBANCO ANGOLA SA 109
STANDARD BANK DE ANGOLA SA 112
STANDARD CHARTERED BANK DE ANGOLA SA 115