Luanda — Angola's Banco Económico was assigned B3 by Moodys for local currency deposit ratings becoming the second Angolan commercial bank to receive this classification alongside the African Investment Bank (BAI).
The Moody's assignment reflects the importance recognized to the Angolan Banco Económico in the country's financial system, which confirms the adjustment strategy, positioning and model outlined by this institution to overcome the challenges of the current difficult national macroeconomic context.
Aware that adverse market conditions influence the rating assigned to Banco Económico, Moodys reinforces its confidence in the effectiveness of the bank's strict risk management and control policy as well as the implemented governance policy to help stabilize the risks market and allow a positive evolution of the rating for the future.
Moody's assessment of the Bank also shows other positive points, such as the Bank's financing structure, which is strongly based on a stable deposit base, as well as robust liquidity metrics in both local currency and foreign exchange. According to a press release that reached Angop on Wednesday, this evaluation was requested by Banco Económico as a reflection of the bank's commitment to the transparency and rigor of its financial activity.
Currently, the bank has a network of 61 branches in 17 provinces of the country, as well as a private center and three Umoxi centers operating in the capital.
The bank has also 12 business centers in several provincial capitals, as well as differentiated service for the Top corporate segments and clients.