Africa Monitor Intelligence

Angola: Investors Shun Banking Sector

The International Monetary Fund (IMF) has been increasing pressure on the National Bank of Angola (BNA) to take additional measures in relation to some financial institutions, namely the Savings and Credit Bank (BPC), the Bank of Commerce and Industry (BCI) and Banco Económico (BE, ex-Banco Espírito Santo Angola, participated by members of the circle of former PR José Eduardo dos Santos), banks that the IMF considers may represent a systemic risk (AM 1185). Following the revocation of the licenses of Banco Mais and Banco Postal (AM 1180), both Finance Minister Archer Mangueira (AMA) and central bank (BNA) Governor José de Lima Massano (JLM) have sought to reassure IMF officials in Luanda and in Washington on the situation of public banks, with little success, according to sources consulted. READ MORE