Regulatory Alerts1994-08-31
Notice No. 10/94 of September 1
The Governor of the National Bank of Angola issues this notice to update the minimum share capital requirement for commercial, investment, and development banks. The regulation mandates that these institutions must be established with a fully paid-up cash capital of at least 600 billion New Kwanzas, which must be deposited with the central bank upon incorporation. This directive immediately supersedes Notice No. 8/94 and amends the relevant provisions of Notice No. 1/92.
NOTICE NO. 10/94 OF SEPTEMBER 1 Considering the need to update the minimum share capital of Banking Institutions provided for in Notice No. 1/92 of April 10; Pursuant to Article 10, paragraph 2, of Law No. 5/91 of April 20;
I HEREBY DETERMINE: Article 1 Paragraph 1 of Article 1 of Notice No. 1/92 of April 10, published in the Official Gazette No. 15, I-Series, shall henceforth read as follows: "Commercial banks, as well as Investment or Development banks, may only be established with a minimum fully paid-up share capital in cash of no less than NKZ:600.000.000.000,00 (Six Hundred Billion New Kwanzas), deposited with the National Bank of Angola by the date of incorporation." Article 2 This Notice shall enter into force immediately and repeals Notice No. 8/94 of May 2. PUBLISHED LUANDA, SEPTEMBER 1, 1994.- THE GOVERNOR