Ecobank Transnational Inc. (ETI) has announced it has obtained authorisation from the Banco Nacional de Angola (BNA, the Central Bank) to operate a Representative Office in Luanda, Angola. The Ecobank Group Chief Executive Officer, Arnold Ekpe, said in a statement by the bank, “this represents a landmark approval, which launches Ecobank’s presence in one of the fastest growing markets in Africa.”
He said the bank has been working on it for some time and is pleased that it can now establish a presence in Angola. An oil-rich nation, Angola has strong economic growth prospects. The opening of the office in Luanda fits conveniently with Ecobank’s strategic aspirations in the SADC region as well as within Lusophone Africa where it has operating affiliates in Sao Tome, Guinea Bissau and Cape Verde.
“The focus of the representative office would be to undertake promotional and liaison activities on behalf of the Ecobank Group and to explore business opportunities for our numerous clients. Key areas of interest would include correspondent banking, trade finance, payments and transfers. Additionally, the representative office will offer marketing services to Angolan businesses doing business in the rest of Africa and African businesses and businessmen wishing to do business in Angola,” the statement added.