Angola's Atlantico ready to go

The Bank of Namibia (BON) yesterday announced its final approval for Angolan bank Banco Privado Atlantico Europa, to set up shop in the country. The Namibian central bank said it had granted a certificate of authorisation for the Angolan-based lenderto establish a local branch in the country, to trade under the name Banco Privado Atlantico Namibia. The license took effect on November 1st. “The public is notified that Banco Privado Atlantico Namibia is now permitted to engage in banking activities with any person in Namibia, especially soliciting deposits from the general public,” BoN’s Director for Strategic Communications and Financial Sector Development Ndangi Katoma, said in a statement issued in the morning. “The Bank of Namibia congratulates the shareholders and management team of Banco Privado Atlantico Namibia, and extends best wishes on their future endeavours in the banking sector”, Katoma said. Headquartered in Luanda, the bank, better known as Atlantico, was established in 2006, and quickly expanded into Europe via Lisbon, Portugal, in 2009. In the run-up to its being granted access to the Namibian market, the bank stated that their effort into the country was part of a larger strategy to penetrate the larger SADC market. According to its corporate profile, Banco Privado Atlantico’s banking services include corporate finance services for acquisitions, mergers, disposals, partnerships, privatisations and internationalisation. It also offers project finance services, including fund structuring, organisation and assembly of funding, credit syndication, and management of credit facilities. The bank is currently ranked the sixth largest financial institution in Angola by loans and deposits, operating a current network of 54 branches and corporate centres across Angola. DENVER ISAACS