Angola to Sell Stake in Standard Bank Unit It Seized From Tycoon
- Angola to sell 34% of Standard Bank Angola through an IPO
- Jailed businessman Sao Vicente owned the stake in the bank
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Angola plans to sell a minority stake in Standard Bank de Angola SA that was controlled by a former insurance tycoon who is serving a nine-year prison term, according to a presidential decree.
The Angolan government seized a stake of 49% in Standard Bank Angola in 2020 from Carlos Sao Vicente, who was convicted for crimes including embezzlement and tax fraud.