Standard Bank, Africa’s largest bank by assets, has announced a major milestone for its Angolan subsidiary, Standard Bank Angola, which has received approval to open a correspondent banking account with J.P. Morgan, the world’s largest bank by market capitalization.
This landmark development marks Angola’s formal reintegration into the global financial system, enabling Standard Bank Angola to conduct transactions in US dollars and euros through direct correspondent banking channels. It is the first Angolan bank to receive such authorization, signaling the return of North American banking institutions to Angola’s financial landscape.
Luvuyo Masinda, Chief Executive of Standard Bank Corporate & Investment Banking (CIB), said:
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.
A Rigorous Path to Approval
The approval process began in 2023, involving a comprehensive due diligence exercise led by Standard Bank Angola’s Compliance team, in collaboration with the Standard Bank Group’s Financial Institutions team. The objective was to re-establish a direct correspondent relationship with North American banks, a goal now realized with J.P. Morgan’s re-entry into the Angolan market.
Luís Teles, Chief Executive of Standard Bank Angola, said:
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. It 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.
Strengthening Angola’s Financial Connectivity
The re-establishment of direct USD and EUR clearing capabilities is expected to significantly enhance Angola’s financial connectivity with global markets. It will allow Standard Bank Angola to better support multinational, corporate, and institutional clients engaged in trade and investment flows.
Crosby Mkhwanazi, Head of Transaction Banking at Standard Bank CIB, commented:
This partnership marks an important step in reinforcing Angola’s reintegration into the global financial system. Restoring direct correspondent clearing capabilities enables us to better support the needs of our clients, facilitates transparency, and enhances the flow of capital that accelerates economic progress.
This achievement not only strengthens Standard Bank’s position in Angola but also reinforces its broader mission of driving Africa’s growth by connecting African markets to international financial ecosystems.
