Published: July 27, 2012
Bank joins forces with local reinsurer.
The Angolan subsidiary of Standard Bank has struck a strategic partnership with AAA Activos, a local insurance and pension fund management firm, to help the two parties grow their businesses.
The venture, recently approved by Angola’s central bank, sees Standard Bank take a 51% stake and AAA Activos take 49%.
Standard Bank Angola opened in September 2010 to focus on projects in the energy, oil and gas, infrastructure and mining industries. The bank has assets worth some US$456mn, seven branches and 240 employees and plans to grow to 20 branches and 320 employees by the end of 2012.
AAA Activos began as a risk management firm and has led the co-insurance market in the Angolan oil sector since 2000. It operates as a reinsurance broker for Lloyd’s of London, and has a presence in the Bermudas as a reinsurer.