The Bank of China is due to open its first branch in Luanda this week, which will start operating as an investment bank before becoming a universal bank in 2018, the bank said in a statement released in the Angolan capital.
The Bank of China Limitada – Sucursal de Luanda, the official name of the institution, will start this month to take on business clients, will launch transactions in kwanzas starting in August and September (debit and credit, feasibility and credit portfolio analysis in kwanzas) and in the last three months of the year, foreign operations in euros and dollars.
Bank products that the Bank of China branch will offer to its customers include checking and deposit accounts for three to 24 months in kwanzas, euros, dollars and yuan, credit to finance customer operations, including factoring and trade and transfer intermediation.
The Bank of China arrived in Angola in 2012, when it opened a representative office, and began the process of installing the branch in 2015, which was formalised by a Presidential Order of May 2016.
The bank is the 30th institution authorized by the National Bank of Angola to operate in the Angolan market, according to information from the central bank for May 2017. MDT/Macauhub