Standard Bank opens in Angola

JOHANNESBURG – Standard Bank, one of South Africa’s four big banks, said yesterday it would open a representative office in Angola, one of the continent’s fastest growing economies.

“Based on market opportunity and customer demand, we are expanding our operations in Angola and will be opening a representative office,” said Craig Bond, managing director of the bank’s Africa operations, which trades by the name Stanbic. The Stanbic office in sub-Saharan Africa’s second largest oil producer would be launched in the capital Luanda today, Bond and banking officials in Angola told Reuters.Business has boomed in Angola since the end of a three-decade civil war in 2002.South African companies – involved in projects ranging from construction to mining and food retailing – have all set up camp to in Angola to capture a share of the gains.Economic growth is forecast at over 25 per cent this year.Standard Bank has had an eye on Angola for several years, looking at options ranging from purchasing an existing bank to starting from scratch.Executives would not say how the bank hoped to expand its Luanda business.-Nampa-ReutersThe Stanbic office in sub-Saharan Africa’s second largest oil producer would be launched in the capital Luanda today, Bond and banking officials in Angola told Reuters.Business has boomed in Angola since the end of a three-decade civil war in 2002.South African companies – involved in projects ranging from construction to mining and food retailing – have all set up camp to in Angola to capture a share of the gains.Economic growth is forecast at over 25 per cent this year.Standard Bank has had an eye on Angola for several years, looking at options ranging from purchasing an existing bank to starting from scratch.Executives would not say how the bank hoped to expand its Luanda business. -Nampa-Reuters