South Africas Standard Bank to open in Angola by mid-2010

By bne IntelliNews January 11, 2010
South Africas Standard Bank, the countrys biggest bank by assets, plans toopen in Angolaby mid-2010. The bank plans to draw Chinese and Russian investors to thecountry and hope their presence will reduce the perception of risk people haveof dealing with Angolans. Reuters reported that Standard Bank was granted abanking licence by Angolalast year and will invest USD 50mn in the opening of three branches, two in Luanda and one in the port city of Lobito. The bank will then have operations in17 countries in Africa.

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