Notice No. 01/92 of April 3

Notice No. 01/92 of April 3

Whereas the Government attaches the utmost importance in its Action Program to the reform of the Financial System;

Whereas this Notice aims to adapt the Angolan legal licensing regime for banking institutions to the aforementioned reforms:

In accordance with and to regulate the provision in Law No. 5/91 of April 20, and especially its Article 10, paragraph 2, and using the competence conferred upon me by Article 60 of the Organic Law of the Banco Nacional de Angola,

I HEREBY DETERMINE

Article 1. (Minimum Capital)

1. Commercial banks as well as investment or development banks may only be established with a minimum paid-up share capital in cash not less than the equivalent of NKz 2.200.000.000.00 (two thousand two hundred million new Kwanzas), deposited at the Banco Nacional de Angola by the date of establishment.
2. The amount referred to in the preceding paragraph may benefit from a reduction of up to 40% in the event that the institution's headquarters are located outside the country's capital, or if the institution commits to opening branches or subsidiaries in areas where the institutions referred to in point No. 1 of this Notice do not yet exist.

Article 2. (Initial Application) The application for the exercise of any credit functions referred to in Article 7 of Law No. 5/91 of April 20 must be addressed to the Minister of Finance and submitted to the Banco Nacional de Angola.

Article 3. (Application Processing)

1. Along with the application, interested parties shall immediately submit all documents and evidence useful for the assessment of said application, including the following mandatory elements: a) A fundamental statement within an economic and financial feasibility study including the provisional balance sheet for each of the first three years of activity; b) Type of institution to be established, geographical implementation, location of its headquarters and respective commercial and organizational structure with specification of the human, technical, and material resources to be used; c) Draft articles of association; d) Personal and professional identification of the founding shareholders with specification of the number of shares subscribed by each; e) Criminal record certificate of the founding shareholders, when natural persons, and of their administrators, directors, or managers, when legal entities; f) Evidence proving the suitability of shareholders holding more than 10% of the share capital, and the suitability and competence of the proposed members of the corporate bodies, as well as proof that these individuals, if foreign, possess sufficient knowledge of the Portuguese language; g) Declaration attesting that neither the founding shareholders nor companies or enterprises whose control they have ensured or over which they have served as administrators, directors, or managers have been declared insolvent or bankrupt; h) Commitment to participate in the training of banking personnel under terms to be officially defined.
2. Regarding founding shareholders that are financial institutions or other legal entities, the authorization request shall additionally be processed with the following elements: a) Certificate issued by the competent entity stating that the applicant is legally established and authorized to conduct its activity; b) Articles of association or social pact of the applicant, and the approved report and accounts for the closed fiscal year; c) List accompanied by biographical notes of the persons constituting the administration and management bodies of the applicant; d) Distribution of the applicant's share capital and list of shareholders holding more than five percent of the share capital; e) List of banking institutions and other companies in which the applicant holds capital; f) List of the applicant's representations when foreign, outside the country of origin; g) Authorization document from the applicant's general assembly, or from legal representatives with sufficient powers, for the participation in the institution to be established; h) Certificate issued by the competent entity of the country of origin, stating that the applicant, when foreign, was authorized to participate in the institution to be established or that such authorization is not required; i) Explanatory memorandum of the applicant's activities in the international sphere when foreign, namely, commercial, financial, or other relations maintained with Angolan companies or entities.
3. The submission of any of the elements referred to in the preceding paragraph may be waived when the Banco Nacional de Angola already has knowledge thereof.

Article 4. (Additional Elements) The Banco Nacional de Angola shall require any clarifications as well as documentary or other elements necessary for the assessment of the application, which must be submitted within the timeframe established for the applicants.

Article 5. (Documents)

1. Any official documents required under this Notice must have been issued less than three months prior.
2. All documents intended to support the authorization request, when drafted in a foreign language, must be duly translated and legalized, unless expressly waived by the Banco Nacional de Angola.

Article 6. (Branches of Foreign Institutions)

1. Regarding the establishment of branches of foreign institutions, it must be proven that their managers, at least two in number, have full and sufficient powers to definitively resolve all matters concerning the activity of said branches with the State and private parties in the country.
2. Proof must also be provided regarding said managers of the requirements of suitability and experience in banking institutions, as well as sufficient knowledge of the Portuguese language when they are foreign managers.

Article 7. (Representation of Applicants) The applicants shall designate one among themselves to represent all of them before the authorities responsible for assessing the authorization request and shall choose a domicile in Angola for the purpose of receiving notifications or correspondence.

Article 8. (Entry into Force) This Notice enters into force immediately. Published Luanda, April 1992 THE GOVERNOR SEBASTIÃO BASTOS LAVRADOR