FINANCIAL INSTITUTIONS LAW ( PART 18)

Section II
Branch Offices

Article 40
Applicable Articles

The establishment of branch offices in Angola of banking financial institutions with registered office abroad is subject to the provision of this section and to articles 14 to 16 and 21 of this law.

Article 41
Authorization

The establishment of a branch office requires an authorization that will be granted, on a case-by-case basis, by the Council of Ministers upon prior advice of the National Bank of Angola.

Article 42
Requirements for authorization

1. For the purposes of the previous article the National Bank of Angola should receive a request including the following information:

a) economic and financial accounts forecasts for each of the first three years of activity, including a program of activities, geographical locations, organizational structure and human and technical resources to be used;

b) a certificate issued by the supervising authority of the country of origin, declaring that the operations mentioned in the previous line are included in the authorization of the credit institution, and that there is no impediment to the establishment of a branch office;

c) identification of the managers of the branch office;

d) proof of adequate technical expertise and financial resources for the type and volume of operations intended;

e) Copy of the statutes of the banking financial institution;

f) Declaration that the deposit mentioned in number 2 of the following article will be made.

2. The management of the branch office should be entrusted to a minimum of two managers, with sufficient powers to deal with and resolve definitively, in the country, all matters relating to their activity.

3. At least two-thirds of the personnel of the branch office, both administrative and technical, should be national residents.

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