KEY POINTS
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Standard Bank strengthens Angola presence with JPMorgan approval.
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The bank moves closer to full control of its Angolan unit.
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Expansion underpins Africa’s push for stronger global finance links.
Standard Bank, Africa’s largest lender by assets, has secured approval to open a correspondent account with JPMorgan in Angola, restoring direct access to U.S. dollar and euro clearing in one of Africa’s key oil-producing economies. The move marks JPMorgan’s return to Angola after years of retreat by global lenders concerned about governance and compliance risks. It also strengthens Standard Bank’s ability to handle cross-border transactions for clients active in Angola’s oil, trade, and industrial sectors.
“This strengthens our ability to serve mutual clients in critical industries that support Angola’s growth story,” said Luvuyo Masinda, chief executive of Standard Bank’s corporate and investment banking division. “We are connecting African clients to global capital flows and supporting economic development.” Masinda, who took the role last year, oversees the bank’s most profitable arm, contributing nearly half of group earnings.
Reforms lift confidence in Angolan market
Standard Bank currently holds a 51 percent stake in its Angolan subsidiary and plans to raise that to 75 percent through an initial public offering, pending regulatory approval. Angola intends to sell up to 34 percent of Standard Bank de Angola SA as part of a broader privatization program. The plan aligns with the government’s effort to open state-backed firms to private investors and boost market transparency.
Since 2019, the Angolan government has completed 89 privatizations and has another 74 lined up, including the telecoms firm Unitel. The state also seized a 49 percent stake in Standard Bank de Angola previously owned by a former insurance magnate who was sentenced to nine years in prison.
According to Billionaire Africa, Luís Teles, CEO of Standard Bank Angola, described the JPMorgan approval as “historic,” saying it allows the bank to transact directly with global counterparties. Crosby Mkhwanazi, head of transaction banking at Standard Bank CIB, said the development would help support trade flows between Angola and international markets, adding resilience to the country’s financial infrastructure.
Standard Bank Angola expansion fits broader strategy
Founded in 1862, Standard Bank operates across 20 African markets and is valued at R419 billion ($24 billion) on the Johannesburg Stock Exchange. It reported headline earnings of R24 billion ($1.36 billion) and a return on equity of 19.1 percent in the first half of 2025.
Under CEO Sim Tshabalala, the bank has intensified its role in sustainable finance. Earlier this year, it raised its sustainable finance target to R450 billion ($26 billion) by 2028 and pledged $1 billion over the next decade to empower women entrepreneurs across Africa. The Standard Bank Angola expansion underscores Tshabalala’s wider strategy of aligning the group’s footprint with Africa’s development priorities while opening new pathways to global capital.
