Johannesburg — STANDARD Bank has been granted a banking licence in Angola, opening the way for it to start operating as a full- service bank in Angola by the middle of next year .

The banking licence was granted by the Angolan c ouncil of m inisters at the weekend. Standard Bank has been waiting for a licence since May last year . SA's big four retail banks have all recently announced expansion strategies into other African countries, as these were viewed as having faster growing markets than in developed countries, where economic growth has stalled following the global financial crisis.

Standard, however, has been actively operating in other African markets for many years and its CEO, Jacko Maree, said recently it was on the lookout for possible new opportunities arising out of the bank's rationalisation process in Nigeria. The group already has a substantial presence in that country's banking industry through the 2007 acquisition of a controlling interest in IBTC Chartered Bank.

Standard is represented in 17 African countries and 16 countries outside of Africa, all with an emerging market focus. Standard Bank Africa CE Clive Tasker said: "Angola is an extremely important market for Standard Bank. It offers a great many exciting opportunities in a number of crucial industries, including oil and gas, mining, agriculture and general commerce."

He said Standard planned to open a full-service bank in Angola with an emphasis on corporate and investment banking. "We plan to be up and running by the middle of 2010."

Angola, the second-biggest oil producer on the continent, last month cut its forecast of annual economic growth for this year to 1,3% from 6,2%. It said growth was expected to pick up next year.

STANDARD BANK

Interim 2009 2008

Revenue (bn) R31,89 R28,92

Pretax (bn) R7,83 R12,12

Net Profit (Rbn)R5,52 R8,67

Headline EPS (c)348,7 477,7

Dividend (c) 141 193