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The Banking Sector in Angola
BY Louise Mitchell
Angola
07 November 2019
R 14 400.00 (ZAR)  
estimated $ 997.05 (USD) *
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The Banking Sector in Angola


Angola’s banking industry is dominated by six banks and competition from non-bank institutions such as microlenders remains low. A distinct characteristic of the Angolan banking sector is the participation of the state, ruling party loyalists and state-owned enterprises such as the national oil company Sonangol in private banks, and policy dictates that foreign banks can only operate in Angola through joint ventures with local and state-owned companies. During the past 17 years, the Angolan banking sector has expanded rapidly to become the third-largest sector in sub-Saharan Africa behind South Africa and Nigeria. The number of licensed commercial banks increased from nine in 2003 to 26 in July 2019.


Privatisation


The Angolan government is implementing a macroeconomic stabilisation programme focused on strengthening fiscal sustainability, reducing inflation, promoting a more flexible exchange rate regime and improving financial sector stability. Its national development programme includes strengthening financial sector resilience, recapitalising weak banks, and restructuring the largest state-owned bank. It plans to privatise most of the 195 state-owned companies or companies in which the state participates by 2020. The restructuring and privatisation of state-owned banks will increase competition among the commercial banks.


Report Coverage


This report on the Angolan banking industry covers deposit-taking institutions which include other credit granting, lease financing, and loyalty and reward programmes, as well as central banking. It contains information on the state and size of the industry, the factors that influence its performance and regulatory and other issues specific to the sector. There are profiles of 24 companies including state-owned Banco de Poupanca e Credito, which has been recapitalised by the government twice between 2016 and 2018 and Banco Económico, one of the banks identified for privatisation, in which Sonangol has 70.37%. There are also profiles of Standard Bank de Angola, a subsidiary of Standard Bank of South Africa and Standard Chartered Bank de Angola, formed by United Kingdom-based Standard Chartered Bank.


Page
1. INTRODUCTION 4
2. COUNTRY INFORMATION 4
3. DESCRIPTION OF THE INDUSTRY 5
3.1. Industry Value Chain 9
3.2. Geographic Position 11
4. SIZE OF THE INDUSTRY 12
5. STATE OF THE INDUSTRY 16
5.1. Local 16
5.1.1. Corporate Actions 19
5.1.2. Regulations 20
5.1.3. Enterprise Development and Social Economic Development 22
5.2. Continental 22
5.3. International 28
6. INFLUENCING FACTORS 30
6.1. Economic Environment 30
6.2. Government Initiatives 31
6.3. Labour 32
6.4. Information Technology (IT), Research and Development (R&D) and Innovation 33
6.5. Rising Operating Costs 33
6.6. Financial Inclusion 34
6.7. Cybercrime and Fraud 35
7. COMPETITION 36
7.1. Barriers to Entry 37
8. SWOT ANALYSIS 37
9. OUTLOOK 38
10. INDUSTRY ASSOCIATIONS 39
11. REFERENCES 39
11.1. Publications 39
11.2. Websites 40
APPENDIX 1 42
Summary of Notable players 42
COMPANY PROFILES 45
BANCO ANGOLANO DE INVESTIMENTOS S.A. 45
BANCO BAI MICRO FINANCAS S.A. 52
BANCO BIC S.A. 55
BANCO CAIXA GERAL ANGOLA S.A. 59
BANCO COMERCIAL ANGOLANO S.A. 63
BANCO COMERCIAL DO HUAMBO S.A. 67
BANCO DE COMERCIO E INDUSTRIA S.A. 69
BANCO DE DESENVOLVIMENTO DE ANGOLA 73
BANCO DE FOMENTO ANGOLA S.A. 75
BANCO DE INVESTIMENTO RURAL S.A. 78
BANCO DE NEGOCIOS INTERNATIONAL S.A. 80
BANCO DE POUPANCA E CREDITO S.A. 85
BANCO ECONOMICO S.A. 87
BANCO KEVE S.A. 90
BANCO MILLENNIUM ATLANTICO S.A. 95
BANCO NACIONAL DE ANGOLA 98
BANCO SOL S.A. 100
BANCO VALOR S.A. 104
BANCO VTB AFRICA S.A. 106
FINIBANCO ANGOLA S.A. 108
STANDARD BANK DE ANGOLA SA 111
STANDARD CHARTERED BANK ANGOLA S.A. 115