Regulatory Alerts2025-02-07
Notice No. 11/2024 of December 20
The National Bank of Angola issued Notice No. 11/2024 to revise and update the requirements and procedures for authorizing the establishment of Commercial Banks, Development Banks, and foreign banking institutions' branches, agencies, and representation offices in Angola and abroad. The notice establishes specific capital, governance, and risk-profile criteria, mandates the designation of a technical manager, and outlines a detailed documentation and business plan compliance framework, including a three-year strategic alignment review. It repeals Notice No. 09/2020, mandates a 12-month establishment deadline with a single six-month extension option, and requires all foreign documents to be translated into Portuguese and certified.
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