Angola's financial sector is set to become even more competitive as more foreign banks look to develop investment, corporate and retail banking opportunities. These are expected to grow more rapidly as the country becomes wealthier on the back of what are expected to be sustained high oil prices.
The global investment banks, including JPMorgan, Citigroup and Goldman Sachs, have been discussing a sovereign bond issue, while the banks competing for business on the ground in Angola now include Standard Bank of South Africa, while Standard Chartered Bank opened a branch in Luanda in February last year.
