The government has decided not to proceed with the sale of the State’s 15% stake in Standard Bank Angola, SA, and has instead transferred this holding to the capital portfolio of the Sovereign Wealth Fund of Angola. As a result, the State’s shareholding in Standard Bank Angola has been removed from the 2023–2026 Privatization Program (PROPRIV).
According to the document reviewed by Novo Jornal, “it is imperative to optimize the shareholder function model and ensure the implementation of a specialized strategy for managing the State’s shareholdings through the intervention of the Sovereign Wealth Fund of Angola.”
The decree emphasizes that, under its statutes, the Sovereign Wealth Fund of Angola is the entity with the specialized competence to strategically manage holdings of this nature.
Standard Bank Angola recently announced the approval of correspondent account openings in US dollars and euros with the American bank J.P. Morgan.
Source: O Novo Jornal
