24 July 2012
AAA invests in Standard Bank's growth in Angola
Standard Bank Angola, part of the Standard Bank Group, announced today a strategic
partnership with AAA in a share capital increase recently approved by Angola's Central
Bank - BNA (Banco Nacional de Angola).
The new shareholder structure has been agreed as 51% by Standard Bank Group and
49% by AAA ACTIVOS (AAA Assets).
Standard Bank Angola focuses on the delivery of competitive end-to-end banking solutions
for the country's major public and private projects in the energy, oil and gas,
infrastructure and mining industries. Launched in September 2010 with 7 branches
and 240 employees currently, it plans to grow its operations significantly by the
end of 2012.
Standard Bank Angola's total assets at the end of June were recorded at USD 456
By offering diversified and innovative products and services, and expertise in the
local financial sector, Standard Bank Angola aims to be the leading bank in Angola.
Currently the bank's portfolio includes 100 corporate clients and over 3000 clients.
Standard Bank Angola was recently awarded "Best Bank Angola 2012" by the Global
Banking and Finance Review.
AAA is a prestigious Angolan corporation, recognized for its leadership in insurance
and pension fund management in its 22 branches nationally. AAA began as a specialized
risk management financial service provider and has led the co-insurance market in
the Angolan oil sector since 2000. It operates as a reinsurance broker for Lloyd's
of London, and has a presence in the Bermudas as a reinsurer.
Currently, AAA is investing in the development of two hotel chains in 18 provinces
AAA shares the vision of Standard Bank Angola in the strategic growth of provincial
banking networks, in order to stimulate the expansion of financial services in the
According to Mr. São Vicente, CEO of AAA , the deal will allow for the diversification
of AAA's investments, and assist in developing its bank assurance business. Critically,
he believes Standard Bank Angola's branch infrastructure, local and regional expertise,
and the provision of bespoke banking services will enhance the established country-wide
operations of AAA.
Mr. Chris Newson, Standard Bank Africa's Chief Executive, said the collaboration
between AAA and Standard Bank Angola will increase the bank's profile as a leading
player in the Angolan market, and support Standard Bank Angola's expansion objectives.