Standard Chartered opens subsidiary in Angola with leading insurance company, ENSA

First major international bank with an onshore presence in Angola

17th Jan 2014 – Standard Chartered today announced the opening of an onshore banking subsidiary in Angola, together with ENSA, a leading Angolan insurance company. The Bank has signed a joint venture with ENSA in which Standard Chartered is the majority shareholder, with 60% of the share capital of the bank, and ENSA with 40%.

The subsidiary, which will be named Standard Chartered Bank Angola, S.A, will be the first major international bank with an onshore presence in Angola, an important development in the context of the increasing sophistication of the Angolan economy and particularly of its financial sector.

Miguel Miguel, the Chief Executive Officer for Standard Chartered Bank Angola, SA, added "Our expansion from a Representative Office to a full service back, offering onshore trade, forex and customised Corporate Finance solutions to local companies reiterates our positive sentiment in Angola's economic potential and increasingly influential role the country is playing in the region. We look forward to working closely with ENSA to achieve our mutual objectives."

V. Shankar, Group Executive Director and CEO for Europe, the Middle East, Africa and the Americas, said:

"Angola is a very exciting country, the third largest economy in Sub Saharan Africa and China's largest trading partner on the continent, accounting for a fifth of Africa's total trade with China. I am delighted that Standard Chartered is the first major international bank to open up onshore in this fast growing market. Our partnership with ENSA will allow us to deepen our relationships with our existing clients and win new business as we support trade and investment between Angola and our network in Asia, Africa and the Middle East."

ENSA is the leading state-owned insurance company in Angola engaged in the life and non-life insurance businesses and in the formation and management of pension funds.

ENSA CEO Manuel Joaquim Goncalves said:

"ENSA and Standard Chartered see a significant opportunity in the establishment of a full on-shore presence in Angola. Standard Chartered is known for its strength in Asia, Africa and the Middle East and ENSA has deep existing relationships in Angola. The approach of the new entity will be marked by a focused client strategy that builds on its core expertise and client needs. Both Standard Chartered and ENSA are eager to contribute to the sustainable development of the Angolan financial sector in accordance with international standards."

Angola is rich in commodities, including significant reserves of oil and diamonds and largely untapped mineral deposits, including iron, copper, phosphate and uranium. It is the second-largest producer of oil and gas in Sub-Saharan Africa. Standard Chartered has a long history and successful track record dealing in the Oil and Gas sector worldwide, offering in-depth industry expertise and delivering value to businesses through financing energy projects and acquisitions, export financing and advice on new project developments.

Angola is also China's largest trading partner in Africa - in 2012, this trade corridor was worth over $35billion. Across all its markets in Africa, Standard Chartered has a proven track record in being able to assist companies operating cross-border transactions between Africa and China, providing the necessary financial tools and strategic advice to Chinese companies doing business in the region.

For further information please contact:

Dan Mobley
Regional Head of Corporate Affairs, Africa
Phone: +27112918092
Mobile: +27837691658
Email: daniel.mobley@sc.com

Lauren Callie
Regional Head of Business Communications, Africa
Phone: +27112176606
Mobile: +27828945581
Email: lauren.callie@sc.com

Note to Editors:

Standard Chartered – leading the way in Asia, Africa and the Middle East

Standard Chartered is a leading international banking group. It has operated for over 150 years in some of the world's most dynamic markets and earns more than 90 per cent of its profits in Asia, Africa and the Middle East. This geographic focus and commitment to developing deep relationships with clients and customers has driven the Bank's growth in recent years. Standard Chartered PLC is listed on the London and Hong Kong stock exchanges as well as the Bombay and National Stock Exchanges in India.

With 1,700 offices in 70 markets, the Group offers exciting and challenging international career opportunities for nearly 87,000 staff. It is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. Standard Chartered's heritage and values are expressed in its brand promise, 'Here for good'.

Standard Chartered has operated in Africa for over 150 years and the region remains a core part of the Bank's Group Strategic Intent. Standard Chartered Bank has over 170 branches in 15 African countries and over 7,000 staff. Standard Chartered Africa is a highly respected, well established "household name", with deep-rooted local knowledge and experience. The Bank also has a unique international footprint which enables it to facilitate the growth of international trade corridors between Africa and the rest of the world. With a world-class suite of products, services, distribution channels and systems, the Bank provides customers with increasingly sophisticated and pioneering banking services – unrivalled in Africa

For further information please visit www.sc.com. Follow Standard Chartered at www.facebook.com/standardchartered and on Twitter @StanChart.

 

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