FINANCIAL INSTITUTIONS LAW ( PART 16)

Chapter III
Activities Abroad

Article 33
Branch Offices

1. The banking financial institutions with registered office in Angola which intend to establish branch offices abroad should give notice of such intention to the National Bank of Angola, specifying the following information:

a) country where the branch will be established;
b) program of activities, mentioning type of operations to be carried out and structural organization of the branch office;
c) identification of person in charge of the branch.

2. The National Bank of Angola may refuse permission on the basis of the provisions of article 20 of this law.

3. The branch office will not perform operations that are not part of the objectives of the parent company or of the program of activities referred to in line b) of number 1 of this article.

4. The daily management of the branch should be entrusted to managers who are subject to all the requirements of suitability and experience demanded of the members of administrative bodies of banking financial institutions, in accordance with articles 26 and 27 of this law.

Article 34
Evaluation by the National Bank of Angola

1. Within ninety days counted from the receipt of the information referred to in previous article, the Banco Nacional de Angola shall advise the supervision authority of the host country and certify that the operations planned are within the scope of authorization and then inform the fact to the interested institution.

2. For the purposes provided for in the previous number, the Banco Nacional de Angola shall also communicate the amount of its funds and the ratio of solvability.

3. If the National Bank of Angola does not notify within the deadline referred in number 1 of this article, it is assumed that the communication was approved.

Article 35
Representative Offices

1. The National Bank of Angola must authorize and define the terms and conditions for the opening of representative offices of banking financial institutions with registered office abroad.

2. The opening abroad of representative offices of banking financial institutions with registered office in Angola is subject to register at the National Bank of Angola, under the terms of article 49 of this law.

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