Standard Chartered Applies for Angolan Banking License for 2013Renee Bonorchis
Standard Chartered Plc, the U.K. lender that makes most of its profit in emerging markets, has applied for a banking license in Angola and may do the same in Mozambique as it seeks to increase revenue from Africa.
“We’re applying for a license in Angola -- hopefully, we’ll have it by the end of the year,” Diana Layfield, chief executive officer of the lender in Africa, said in an interview at the World Economic Forum in Cape Town today. “Initially, we’ll focus on corporate and commercial banking. We’re having talks with Mozambique authorities next week. We’re very likely to apply for a bank license there.”
Standard Chartered already has a representative office in Angola and has set up a joint venture with a state-owned insurance company. The London-based lender, with operations in 16 African countries, plans to invest $100 million in the continent over the next three years, opening 110 branches and recruiting 950 consumer-banking employees.