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Standard Bank Targets Corporate Clients in Angola

Standard Bank Group’s Angolan unit is targeting corporate clients with annual revenue of more than $100 million as it benefits from the lowering of the credit ratings of Portuguese competitors due to the economic crisis in the African country’s former ruler.

The long-term debt of the South African bank, the continent’s biggest lender, is rated by Moody’s Investors Service at Baa1, the third-lowest investment grade rating while Lisbon-based Banco Espirito Santo SA is rated Ba3, the third-highest junk, or non-investment grade, level, matching Portugal’s assessment.