Standard Bank Angola obtains approval to open a correspondent account with J.P. Morgan
This approval marks Angola’s reintegration into the global financial system.
By Standard Bank
Standard Bank, the biggest bank in Africa by assets, recently announced that its Angola subsidiary, Standard Bank Angola, has obtained approval to open a correspondent account with J.P. Morgan, the biggest bank in the world by market capitalisation.
This seminal approval marks Angola’s reintegration into the global financial system with correspondent accounts in US dollar and the euro. Standard Bank Angola becomes the first Angolan bank to obtain this authorisation, marking the official re-establishment of the presence of North American banks in the national financial system.
“This milestone is not only strategically significant for Standard Bank and Angola, but also equally meaningful for our clients. The renewed correspondent relationship with J.P. Morgan unlocks our ability to better serve mutual clients in vital sectors that drive Angola’s growth. By improving access to global currencies and enabling more efficient cross-border settlements, we are enhancing the competitiveness of companies operating in and with Angola, while supporting the country’s long-term economic development. This achievement reinforces Standard Bank Group’s purpose of driving Africa’s growth by connecting African markets to international financial ecosystems,” says Luvuyo Masinda, chief executive for Standard Bank Corporate & Investment Banking (CIB).
The process to obtain approval began in 2023 with a rigorous and detailed due diligence analysis, led by the Standard Bank Angola Compliance team and supported by the Standard Bank Group’s Financial Institutions team, with the goal of reopening a direct correspondent relationship with North American banks. This decision also marks the re-entry of J.P. Morgan into the Angolan market.
“It is with great pride that we announce a historic milestone for Angola and Standard Bank Angola. This approval entailed several years of intense work, collaboration, and strategic alignment with the Standard Bank Group and J.P. Morgan. This approval is historic and will allow Angola to do business with more partners and enable the kind of impact on the ground that Standard Bank seeks to exemplify through our group purpose,” announced Luís Teles, chief executive of Standard Bank Angola.
“This partnership marks an important step in reinforcing Angola’s reintegration into the global financial system. Restoring direct correspondent USD and EUR clearing capabilities enables us to better support the needs of our multinational, corporate, and institutional clients engaged in trade and investment flows between Angola and global markets. This development strengthens financial connectivity, facilitates transparency, and enhances the flow of capital that accelerates economic progress,” concludes Crosby Mkhwanazi, head of transaction banking at Standard Bank CIB.