Angola: Standard Chartered opens Angolan subsidiary

First global bank with onshore presence; Follows new oil payments legislation

Standard Chartered became the first global bank to open an onshore banking subsidiary in Angola last month. The launch follows the signing of a joint venture with state-owned insurance company Ensa (a firm also engaged in the formation and management of pension funds).

Standard Chartered is the majority stakeholder, with 60% of the share capital of the bank. Ensa holds the remaining 40%. Under Angolan regulations, foreign companies investing in Angola...