Regulatory Alerts1992-04-03
Notice No. 01/92 of April 3
The Governor of the Banco Nacional de Angola issued Notice No. 01/92 to implement financial system reforms by establishing a minimum paid-up cash capital of NKz 2.2 billion for commercial, investment, and development banks, with a potential 40% reduction for institutions located outside the capital or in underserved areas. The regulation mandates a comprehensive initial application process submitted to the Minister of Finance and the central bank, requiring detailed feasibility studies, draft statutes, founder identification, criminal records, and proof of financial suitability, alongside specific documentation for corporate or foreign shareholders. Foreign institution branches must appoint at least two fully empowered local managers meeting suitability and language requirements, while all applicants must designate a local representative and ensure official documents are recent, translated, and legalized.