Headquarters | Luanda |
---|---|
Coordinates | 8°48′39″S13°14′03″E / 8.810730°S 13.234070°E |
Established | 14 August 1926 |
Ownership | 100% state ownership [1] |
Governor | Manuel António Tiago Dias |
Central bank of | Angola |
Currency | Angolan kwanza AOA (ISO 4217) |
Reserves | $23,470 million [1] |
Preceded by | Bank of Angola |
Website | bna.ao |
The National Bank of Angola (Portuguese : Banco Nacional de Angola) is the central bank of Angola. It is state-owned and the Government of Angola is the sole shareholder. The bank is based in Luanda, and was created in 1926, but traces its ancestry back to 1865. The National Bank of Angola is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion. [2]
In 1864, the Banco Nacional Ultramarino (BNU) was established in Lisbon, Portugal, as a bank of issue for all Portuguese overseas territories. The next year, it opened branches in several places, including Angola, which at the time was an overseas province of Portugal. In 1926, the Portuguese established a separate issue bank for Angola, creating the Bank of Angola (Banco de Angola). BNU transferred its branch in Stanleyville to this bank, which in 1934, transferred the branch to Boma, before closing it in 1947. [3]
When Angola gained its independence in 1975, the government nationalized the banking sector. Banco de Angola became Banco Nacional de Angola (BNA); Banco Comercial de Angola became Banco Popular de Angola, and is now Banco de Poupança e Crédito . The BNA continued to function as a central bank, bank of issue and commercial bank. The government also designated it as the only legal holder of foreign currency and delegated to it responsibility for all foreign transactions.
On April 20, 1991, a new law restricted BNA's role to that of a central bank, including being solely responsible for monetary policy and acting as issuing bank, banker of the Government and reserve bank. Beginning in 1999, the Central Bank began implementing reforms to meet international standards.
Bank of Angola is a member of the Alliance for Financial Inclusion and active in the financial inclusion arena. [4]
In the largest financial fraud in Angola ever at the time, the Central Bank of Angola was victim of an alleged fraud case of about $160 million that were transferred to overseas accounts in 2009. It was discovered that from the Angolan treasury account at Banco Espírito Santo in London, were leaving several money transfers to bank accounts abroad, controlled by the suspects. When the bill reached the minimum values of the BNA, it was the BES London itself that warned the authorities of Angola for successive outflows of money. The case of fraud was revealed by the Portuguese newspaper Diário de Notícias in June 2011. Several individual are suspected to be involved, and several individuals at the Angolan Finance Ministry and the BNA in Luande were sentenced up to eight years in prison in 2011. There are still investigations going on in Portugal and Angola. [5] [6]
In 2018, an even bigger fraud case was announced when the former president's son, José Filomeno dos Santos was charged with transferring US$500 million from an account belonging to the central bank to a bank account in the UK. Authorities in the UK froze this amount as it was a suspicious transaction and the money can now be returned to the central bank. [7] [8]
Banco Nacional Ultramarino is a Macau banking and financial services corporation. It was historically a Portuguese bank with operations throughout the world, especially in Portugal's former overseas provinces. It ceased existence as an independent legal entity in Portugal following its merger in 2001 with Caixa Geral de Depósitos, the government-owned savings bank.
The Central Bank of Brazil is Brazil's central bank, the bank is autonomous in exercising its functions, and its main objective is to achieve stability in the purchasing power of the national currency. It was established on Thursday, 31 December 1964.
Caixa Geral de Depósitos (CGD) is a Portuguese state-owned banking corporation, and the largest bank in Portugal, established in Lisbon in 1876.
José Manuel Rodrigues "Joe" BerardoGCIH, ComIH, is a Portuguese and South African businessman, investor, and art collector. According to Portuguese magazine Exame, he had an estimated net worth of €598 million in 2010, making him one of the wealthiest people in Portugal at the time. Starting around the 2010–2014 Portuguese financial crisis when both the Portuguese Republic finances and banking system collapsed, he has been involved in several controversies and legal issues which have led to the arrestment of his bank accounts, his companies' assets and himself due to ongoing legal investigations.
Banco Espírito Santo (BES) was a Portuguese bank based in Lisbon that on 4 August 2014 was split in two banks: Novo Banco, which kept its healthy operations, and a "bad bank" to keep its toxic assets.
Banco Comercial Português is a Portuguese bank that was founded in 1985 and is the largest private bank in the country. BCP is a member of the Euronext 100 stock index and its current chief executive officer is Miguel Maya Dias Pinheiro. BCP is based in Porto, but its operations are headquartered in Oeiras, Greater Lisbon. It operates a branch brand-dubbed and restyled in 2004 as Millennium BCP as well as Banque BCP and ActivoBank.
The Espírito Santo Financial Group (ESFG) was a Portuguese holding company with headquarters in Luxembourg, founded in 1984. The group represents the interests of the Portuguese Espirito Santo Group, which has major investments in Portugal and Europe, Americas, Africa and Asia.
Maria Mambo Café was an Angolan economist and politician. She was a career member of the Movimento Popular de Libertação de Angola – Partido do Trabalho (MPLA).
Isabel dos Santos is an Angolan businesswoman, the eldest child of Angola's former President José Eduardo dos Santos, who ruled the country as a dictator from 1979 to 2017. Once considered Africa's richest woman according to Forbes magazine, with a net worth exceeding US$2 billion, she was dropped from the magazine's list in January 2021 after the freezing of her assets in Angola, Portugal and the Netherlands. In 2021 a French court ruled that she was liable to pay $340 million to the Portuguese company PT Ventures.
The institutional corruption in Angola refers to the pervasive and long-standing issue of corruption within the country's government and public institutions. The aftermath of the 30-year civil war and the influence of the Soviet command economy have resulted in significant institutional damage and the emergence of a centralized government with authoritarian tendencies. This has allowed the president and his associates to exert control over the nation's resources, enabling them to exploit the economy for personal gain through legal and extra-legal means.
Banco Português de Negócios, or simply BPN, was a Portuguese banking institution. It used to be a private bank, but was nationalized by the Portuguese Government in 2008 after a bad management and malpractice-related debt of 1.800 billion euros and several irregularities uncovered in the institution. In 2012, BPN, stripped of many of its debts and bad loans, was sold to Angola’s Banco BIC for €40 million.
The Banco de Portugal is the Portuguese member of the Eurosystem and has been the monetary authority for Portugal from 1846 to 1998, issuing the Portuguese escudo. Since 2014, it has also been Portugal's national competent authority within European Banking Supervision. The bank was founded by royal charter in 1846, during the reign of Queen Maria II of Portugal, by a merger of the Banco de Lisboa, the first bank founded in Portugal, and insurer Companhia Confiança Nacional.
Multicaixa (MCX) is currently the only brand name for debit cards issued in Angola, and also the only interbank network of automated teller machines and point of sales terminals for electronic payments. While the ATMs and the POS terminals are owned by the supporting bank, the network is operated by EMIS, and the Multicaixa cards of any bank are accepted at the same terms at any Multicaixa ATM or POS terminal. This is regulated by the national law on Angolan payment systems, the BNA directive No. 9/2011 of 13 October on the regulation of bank payment cards, and various other laws and directives regulating the Angolan financial system.
The Empresa Interbancária de Serviços S.A. is the operator of the Angolan interbank network for the network of ATMs and Point-of-Sale (POS) terminals for automatic payments under the brand name of Multicaixa. EMIS is also the clearing house for those payments and for direct debit and funds transfer operations (Giro) for all banks in Angola.
Jose Filomeno de Sousa dos Santos is an Angolan businessman, and the son of Angola's former President José Eduardo dos Santos, who ruled the country from 1979 to 2017. He was the chairman of Fundo Soberano de Angola (FSDEA), Angola's sovereign wealth fund, was appointed to the board in 2012, and succeeded Armando Manuel as Chairman in June 2013.
Ricardo Espírito Santo Silva Salgado is a Portuguese economist and convicted banker. Former president of Banco Espírito Santo, which was founded by his grandfather, he was, until July 2014, the banker active for the longest time in Portugal.
Novobanco or Novo Banco, SA is a financial institution that stands out as one of the country's main commercial banks, based in Portugal. It was established on 4 August 2014, as a result of a restructuring and recapitalisation process by the Bank of Portugal to save the good assets of the previously bankrupt Banco Espírito Santo (BES). The rescue of BES was precipitated by historic losses of 3,577 million euros. BES's toxic assets, on the other hand, were transferred to a "bad bank".
The Banco Nacional Ultramarino (BNU) building, in the centre of Dili, capital city of East Timor, is a modernist structure unusual in Timor. Constructed between 1966 and 1968, it has only one contemporary, the ACAIT building, formerly the headquarters of the now defunct Timor Commercial, Agricultural and Industrial Association.
Abraão Pio dos Santos Gourgel is an Angolan economist who served as Minister of Industry, and former Minister of Economy and Finance. He was Governor of the National Reserve Bank (BNA) from 2009 to 2010, and Chairman of the Board of Directors of the Development Bank of Angola (BDA). He was fired from this position in January 2020 and replaced by Henda Essanju Inglês.