Standard Bank, Africas largest lender by assets, led by South African banker Sim Tshabalala, has secured approval to open a correspondent account with JPMorgan in Angola, a step that restores direct access to U.S. dollar and euro clearing in one of the continents biggest oil producers.
JPMorgans return to Angola comes after years in which international banks reduced exposure to the country over governance and compliance concerns. This deal signals renewed confidence. It also gives Standard Bank the ability to settle cross-border trades more efficiently for clients in sectors that anchor Angolas economy.
This strengthens our ability to serve mutual clients in critical industries that support Angolas growth story, said Luvuyo Masinda, chief executive for Standard Banks corporate and investment bank. We are connecting African clients to global capital flows and supporting economic development. Masinda was appointed CIB chief last year. The division is Standard Banks most profitable business unit, generating nearly half of group earnings.