Africa-Press – Angola. The Standard Bank Angola (SBA) recently obtained formal approval to open correspondent accounts in US dollars (USD) and euros (EUR) with the world’s largest bank, J.P. Morgan, marking the country’s reintegration into the global financial system after a nearly ten-year suspension.
With this achievement, SBA becomes the first commercial bank in Angola to officially reestablish the presence of a US correspondent in the national financial system since the suspension of foreign exchange operations in late 2015, according to a press release from the bank, on Sunday.
According to the bank’s management, the process began in 2023 and was completed the current month, representing the re-entry of the world’s largest bank into the Angolan market.
The document adds that the formal approval by J.P. Morgan’s Global Internal Committee symbolizes the official reestablishment of the presence of North American banks in the national financial system.
Regarding this achievement, SBA Executive Director, Luís Teles believes that the milestone reaffirms the institution’s important role in promoting Angola’s growth.
For him, J.P. Morgan’s re-entry into the Angolan market demonstrates that the union of these two global financial institutions has the potential to unlock Africa’s potential, as well as to promote its growth.
In 2015, foreign currency trading with North American banks was suspended in Angola after US regulators detected compliance failures and suspected money laundering in financial transactions.
J.P. Morgan is one of the world’s most respected financial services companies, serving millions of clients globally, including the world’s most prominent corporate, institutional, and government entities.
Standard Bank of Angola
With a commercial network comprised of 16 branches, 66 banking agents, 137 Automated Teller Machine ́s (ATM), three corporate centers and two service points, Standard Bank Angola has offices in the provinces of Cabinda, Luanda, Benguela, Huíla, Huambo, Namibe, and Malanje.
The institution has received several distinctions, which contribute to its visibility in the local and international markets and its reputation among analysts and the financial market in general.
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