(Ecofin Agency) - Angolan bank Banco Economico will soon make an important participation in local insurance company Tranquilidade-Corporação Angolana de Seguros. This was announced by the Competition Regulatory Authority of Angola ARC indicated in a communique published on May 7, 2019, without mentioning the exact volume of stakes to be acquired.

It, however, indicated that it received the notification of that deal on March 25, 2019, as required by the competition act adopted on March 2018.

This law stipulates that prior notice should be addressed to the competition authority in case of merger acquisitions where 30% or more of market shares are acquired, created or consolidated. In Angola, the turnover of each of the two firms involved is over Kz450 million (about $1.4 million).