Standard Bank has launched direct custody services in Angola deeming the country to be a ‘critical link’ in completing its coverage across the sub-Saharan Africa region.
Angola means Standard Bank now provides custody in 15 countries across the continent.
Standard Bank noted that Angola’s still-developing capital market infrastructure means that its custody capability in Angola will provide a critical financial market architecture assisting domestic and global investors.
As part of Angola’s developing infrastructure there is a proposed stock exchange.
“It has been our constant endeavour to extend our investor services capabilities in core markets in Africa in order to support our client’s requirements and provide a deeper value proposition,” said Charl Bruyns, head of investor services and financial institutions for Standard Bank Group.
The Angola offering marks the second major setup from Standard Bank in Africa this year after it opened a fully licensed corporate and investment banking unit in Ivory Coast, in April this year, focusing on clients in its capital Abidjan.
Source: Global Custodian