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Angola: Central Bank withdraws the licence of two small banks

Wednesday, 23 January 2019 16:20
Angola: Central Bank withdraws the licence of two small banks

(Ecofin Agency) - The Central Bank of Angola has withdrawn the license of Banco Mais and Banco Postal, two small credit institutions that were unable to meet the new capital requirement by the stated deadline.

These two banks will thus “stop their operations”, the central bank indicated in a release.

Banco Mais and Banco Postal should be declared bankrupt and their respective liquidators would take care of clients’ deposits, the staff and other commitments of the two institutions, the same source explained.

In March 2018, the central bank announced the increase of the minimum capital requirement for local banks from 2.5 billion kwanzas to 7.5 billion kwanzas ($35 million). It also explained that banks should comply with the new regulation by December 31, 2018. Institutions that would be unable to meet the requirement were advised to consider   “other alternatives including mergers and sales of their operations to one or more authorized banking institutions”.





 
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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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