africa Angola Banking credit rating Finance

Angolan banks publish debtor-name lists

Two Angolan banks have decided to publish lists of the names of natural and legal persons with outstanding credits in an attempt to solve the problem, the Angolan press reported.

Banco Keve, for example, has released a list of 57 individual clients and 41 companies, requesting in the published announcement that they contact the Legal Department and the Credit Monitoring and Recovery Office during normal business hours.

The bank has set a deadline of eight working days from the date of publication of the announcement, which was made on 13 September 2019, according to Angolan newspaper Mercado.

Banco Keve adopted the coercive recovery measure for overdue loans after recording a loss of 2 billion kwanzas in 2018 and accumulating bad credit that rose from 10 billion kwanzas in 2017 to 21.1 billion kwanzas at the end of last year.

Although overdue credit has more than doubled, the bank’s 2018 report and accounts showed that the public business sector reduced its bank debt from 577.5 million kwanzas in 2017 to 491 million kwanzas in 2018, with individuals the largest debtors of the institution.

The publication of Banco Keve’s list comes two weeks after Banco de Poupança e Crédito published on the same page of Jornal de Angola, occupying the same space, a list of 160 companies with outstanding debts to the largest public bank.

Source: Macauhub

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.