African Bank of Oman Prepares to Launch Operations in Angola with BNA Approval
Angola’s Banking Sector Reaches 22 Institutions
Angola’s financial landscape is set to welcome a new player as the African Bank of Oman prepares to commence operations following approval from the National Bank of Angola (BNA). This development restores the country’s banking sector to 22 active institutions, following the liquidation process of VTB África after its shareholders voluntarily dissolved the institution.
Strengthening Angola-Oman Financial Ties
The groundwork for this expansion was laid in December 2024 when Angola’s Ministry of Finance signed a significant memorandum of understanding with the Oman Investment Bank in Muscat, the capital of the Sultanate of Oman. This agreement focuses on collaboration in financial instruments and sovereign debt issuance, marking a strategic partnership between the two nations.
Diamond Mining Investments Take Center Stage
Beyond banking cooperation, Angola and Oman solidified their economic relationship through an additional agreement concerning diamond mining assets. The deal involves:
- Acquisition of stakes in the Catoca diamond mine
- Participation in the Luele diamond project
Current Ownership Structures in Key Mines
Available information reveals the existing ownership distribution in these strategic mining operations:
Catoca Diamond Mine
Prior to the new agreement, ownership was divided between:
- Alrosa (Russian mining company): 41% stake
- Endiama (Angolan state diamond company): 59% controlling interest
Luele Diamond Project
The ownership structure showed:
- Sociedade Mineira de Catoca: 50.5% majority share
- Endiama: 44.5% stake
- Reform: 4% minority holding
- Instituto Geológico de Angola (IGEO): 1% share
This development represents a significant step in Angola’s efforts to diversify its financial sector and strengthen international partnerships, particularly with Middle Eastern investors. The entry of the African Bank of Oman comes at a time when Angola is actively working to modernize its banking infrastructure and attract foreign investment.
This article is developing, and we will provide updates as more information becomes available.
This article summarizes an original report from Expansão. Read the full original article here.