Activities in Angola
Compliance with Angolan law The activities of foreign based banking financial institutions, in national territory, should
comply with Angolan legislation.
The directors and managers of branch offices or representative offices of foreign based banking financial institutions are subject to all requirements of suitability and experience that the law establishes for the members of administrative bodies of banking financial institutions with registered office in Angola.
Use of name or denomination
1. Foreign based banking financial institutions established in Angola may use the name or denomination used in the country of origin.
2. If the use of this name could lead to misapprehension as to the operations of the banking financial institution, or if there could be confusion with the names or denominations of other institutions protected under Angolan law, the National Bank of Angola will decide that the name or denomination should be added to in such a way as to avoid confusion.
Revocation and expiry of authorization in the country of origin
1. When in the country of origin the authorization of a banking financial institution with a branch office in Angola is revoked or expires, the institution must immediately notify the National Bank of Angola, that will take the necessary measures to prevent the entity in question to begin new operations, in order to safeguard the interests of depositors and other creditors.
2. The revocation or expiry of authorization in the country of origin also implies the revocation or expiry in Angola.