Standard Chartered opens for business in Angola
Luanda, Angola, 15 February 2010
Standard Chartered has announced it has opened a representative office in Angola. The Bank now operates in 14 African countries.
Commenting, Mike Hart, Chief Executive Officer for Africa, said: "We are delighted to announce the opening of our new representative office in Angola. Our new on-the-ground presence will provide us with substantial opportunities to deepen our relationships with our customers operating in Angola and to grow our business, given the significant growth opportunities available in the country".
Angola is a very exciting market: it is rich in commodities, including significant reserves of oil and diamonds and largely untapped mineral deposits, including iron, copper, phosphate and uranium. Angola is now sub-Saharan Africa's 3rd largest economy and is also China's largest trading partner in Africa. Angolan trade with China represents 25% of all African trade with China. In 2009, this trade corridor was worth over $15billion. Across all its markets in Africa, Standard Chartered has a proven track record in being able to assist companies operating cross-border transactions in Africa and China, providing the necessary financial tools and strategic advice to Chinese companies doing business in the region. The economies of both Angola and China, whilst not immune to the global economic downturn, are showing relatively resilient growth and the Bank expects trade flows to continue to grow.
The announcement from Standard Chartered comes soon after the Bank's senior Wholesale Banking executives returned from Beijing, Shanghai and Shenzen, China where they met with leading Chinese corporates with commercial interests in Africa. The visit was part of the Bank's wider Africa-China trade corridor initiative, aimed at deepening Chinese business engagement in Africa.
Further commenting on the Bank's expansion in Angola, Anil Dua, Regional Head of Origination and Client Coverage (OCC), Africa, said: "Angola has been the primary focus of our Strategic Non-Presence Country (SNPC) strategy in Africa for several years- a strategy which has enabled us to support our key customers operating in Angola. Our key focus will be the Oil and Gas sector and with deepening our relationships with our Financial Institutions customers."
Angola 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.
Standard Chartered's new Country Representative of Angola is Miguel Bartolomeu Miguel, based in Luanda. Miguel is an Angolan national and has a wealth of finance experience, having worked in the oil and gas sector in Angola for over ten years.
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Lauren Callie - Head of Corporate Affairs, South Africa
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Note to Editors:
Africa is a core part of the Bank's strategic footprint.
The Bank has over 160 branches in 14 African countries and over 6,000 staff.
The Bank's economic contribution to Africa has been the culmination of 145 years of sustained and increasing investment in the region.
Standard Chartered's competitive advantage in Africa is centred on the fact that the Bank combines international expertise and capabilities with deep-rooted local knowledge.
Standard Chartered is fully committed to its 14 markets in Africa and remains committed to growing the business, focusing especially on accelerating organic growth
Standard Chartered – leading the way in Asia, Africa and the Middle East
Standard Chartered PLC, listed on both London and Hong Kong stock exchanges, ranks among the top 25 companies in the FTSE-100 by market capitalisation. The London-headquartered Group has operated for over 150 years in some of the world's most dynamic markets, leading the way in Asia, Africa and the Middle East. Its income and profits have more than doubled over the last five years primarily as a result of organic growth.
Standard Chartered aspires to be the best international bank for its customers across its markets. The Group earns around 90 per cent of its income and profits in Asia, Africa and the Middle East, from its Wholesale and Consumer Banking businesses. The Group has over 1600 branches and outlets located in over 70 countries. The extraordinary growth of its markets and businesses creates exciting and challenging international career opportunities.
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