Henrique Almeida
Standard Bank would not rule out acquisitions in Angola as it sought to become one of the top five banks in the oil-producing country, the head of the JSE-listed bank’s Angolan unit said on Friday.
“Standard Bank cannot rule out an acquisition if the opportunity one day arises,” Pedro Pinto Coelho said. “Angola remains a very attractive market due to its strong economic growth and young population.”
Angola is luring more foreign banks as the economy of Africa’s second-biggest oil producer booms. Gross domestic product is forecast to grow 12.8 percent this year after expanding 3.4 percent last year, according to the government. Only 13 percent of Angolans have access to banking, according to auditing firm KPMG.
Standard Bank started operating in Angola in 2009 and Pinto Coelho said it planned to boost its six branches to as many as 25 this year and up to 70 branches in five years.
“About 80 percent of the market is in the hands of five banks,” he said. “If Standard Bank wants to be a player in the Angolan market it must be one of the top five lenders.”
Banco Poupança e Crédito; Banco Angolano de Investimentos; Banco Fomento Angola, a unit of Banco BPI of Portugal; Banco BIC; and Banco Espírito Santo Angola, a unit of Portugal’s Banco Espírito Santo, are the country’s biggest lenders, according to the central bank.
Portuguese banks, under pressure at home to sell assets to bolster capital, were not selling units in Angola, Standard Bank deputy chief executive Ben Kruger said last month.
Portuguese lenders Caixa Geral de Depositos and Banco Comercial Português also operate in Angola.
Standard Bank shares rose 0.04 percent to close at R112.05 yesterday. – Bloomberg
