January 20, 2014 / 2:11 PM / 4 years ago

Standard Chartered enters Angola's booming bank sector

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LISBON, Jan 20 (Reuters) - Standard Chartered has opened a corporate bank in Angola, the London-listed group said on Monday, underscoring growing interest in Africa's biggest oil producing country after Nigeria.

Angola has seen rapid economic growth since the end of a civil war in 2002, helping attract foreign banks such as Africa's top lender Standard Bank, Russia's No.2 bank VTB and Portugal's Banco BPI.

According to a recent study by global consultancy firm KPMG, Angolan bank assets jumped 14 percent in 2012, with deposits rising 8 percent.

Standard Chartered makes most of its profits in Asia, the Middle East and Africa. It aims to win new business and deepen relations with existing clients by supporting trade and investment between Angola and its network in the three regions.

V. Shankar, the bank's head of Europe, Middle East, Africa and Americas operations, said a partnership with ENSA, a leading Angolan state-owned insurance firm which will hold a 40 percent stake in the new bank, will help it reach that goal.

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