{"id":12724,"date":"2012-07-25T01:29:48","date_gmt":"2012-07-24T23:29:48","guid":{"rendered":"http:\/\/www.myza.co.za\/07\/update-1-standard-bank-partners-with-angolas-aaa-activos\/"},"modified":"2012-07-25T01:29:48","modified_gmt":"2012-07-24T23:29:48","slug":"update-1-standard-bank-partners-with-angolas-aaa-activos","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-standard-bank-partners-with-angolas-aaa-activos\/","title":{"rendered":"UPDATE 1-Standard Bank partners with Angola&#8217;s AAA Activos"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Standard Bank to retain 51 pct of Angola unit<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Seeks to become leader in Angola bank sector<\/p>\n<p> (Adds details, background)<\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">LISBON, July 24<\/span> (Reuters) &#8211; South Africa&#8217;s Standard Bank<br \/>\n said on Tuesday its Angolan unit has entered a<br \/>\nstrategic partnership with local insurance and fund management<br \/>\nfirm AAA Activos to pursue growth in the sub-Saharan African<br \/>\ncountry.<\/p>\n<p><span><\/span><\/p>\n<p>The bank said in a statement posted on its website that it<br \/>\nwill hold 51 percent of the new shareholding structure in Angola<br \/>\nunder the agreement, with AAA Activos holding the remaining 49<br \/>\npercent.<\/p>\n<p><span><\/span><\/p>\n<p>AAA Activos has 22 branches across the oil-rich country and<br \/>\nis a leader in the oil industry&#8217;s co-insurance market.<\/p>\n<p><span><\/span><\/p>\n<p>The deal involved a capital increase that was recently<br \/>\napproved by Angola&#8217;s central bank, Standard Bank said, without<br \/>\nproviding any values for the operation.<\/p>\n<p><span><\/span><\/p>\n<p>Angola&#8217;s banking sector is seen as a major growth<br \/>\nopportunity for both African and international banks, due to<br \/>\nrapid economic expansion from oil output. Angola is Africa&#8217;s<br \/>\nlargest crude producer after Nigeria.<\/p>\n<p><span><\/span><\/p>\n<p>The government has forced foreign banks to partner with<br \/>\nlocal companies, and lenders such as Portugal&#8217;s BPI,<br \/>\nand BES have in the last few years sold minority stakes<br \/>\nin their fast-growing Angolan units to local investment groups.<\/p>\n<p><span><\/span><\/p>\n<p>Standard Bank, Africa&#8217;s largest lender, received a licence<br \/>\nto operate in Angola in 2009. It aims to be the leading bank in<br \/>\nAngola and to have 20 branches open in the country at the end of<br \/>\nthe year, up from 7 currently, it said in the statement.<\/p>\n<p> (Reporting by Shrikesh Laxmidas; editing by David Dolan)<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Standard Bank to retain 51 pct of Angola unit * Seeks to become leader in Angola bank sector (Adds details, background) LISBON, July 24 (Reuters) &#8211; South Africa&#8217;s Standard Bank said on Tuesday its Angolan unit has entered a strategic partnership with local insurance and fund management firm AAA Activos to pursue growth in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-12724","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/12724","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=12724"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/12724\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=12724"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=12724"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=12724"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}