Standard Bank has been granted a banking licence in Angola, opening the way for it to start operating as a full-service bank in Angola by mid-2010.
The banking licence was granted by the Angolan council of ministers in late November. Standard Bank has been waiting for a banking licence since May 2008.
Clive Tasker, chief executive, Standard Bank Africa, comments: "Angola is an extremely important market for Standard Bank. It offers a great many exciting opportunities in a number of crucial industries, including oil and gas, mining, agriculture and general commerce."
According to Tasker, Standard Bank plans to open a full service bank in Angola with an emphasis on corporate and investment banking. "We plan to be up and running by the middle of 2010."