Article: Lonwabo Mtyeku – GP News Media, Community Newsroom
Johannesburg, 30 October 2025 — In a historic move for Angola’s financial sector and the broader African banking landscape, Standard Bank Angola, a subsidiary of Standard Bank Group, Africa’s largest bank by assets, has received official approval to open a correspondent account with J.P. Morgan, the world’s largest bank by market capitalisation.
This landmark approval re-establishes direct financial connectivity between Angola and the global banking system — particularly in US Dollar (USD) and Euro (EUR) transactions — positioning Standard Bank Angola as the first Angolan bank to secure such an authorisation. The milestone signifies the return of North American banking presence in Angola’s financial ecosystem after years of absence, signalling renewed international confidence in the country’s financial reforms and stability.
“This milestone is not only strategically significant for Standard Bank and Angola, but also equally meaningful for our clients,” said Luvuyo Masinda, Chief Executive for Standard Bank Corporate & Investment Banking (CIB).
“The renewed correspondent relationship with J.P. Morgan unlocks our ability to better serve mutual clients in vital sectors that drive Angola’s growth. By improving access to global currencies and enabling more efficient cross-border settlements, we are enhancing the competitiveness of companies operating in and with Angola — while supporting the country’s long-term economic development.”
The journey toward securing this approval began in 2023, following a comprehensive and rigorous due diligence process led by Standard Bank Angola’s Compliance team, in close collaboration with the Standard Bank Group’s Financial Institutions team. Their shared objective: to re-establish a direct correspondent relationship with a leading North American bank — a goal now realised with J.P. Morgan’s re-entry into the Angolan market.
“It is with great pride that we announce this historic milestone for Angola and Standard Bank Angola,” remarked Luís Teles, Chief Executive of Standard Bank Angola.
“This approval represents several years of intense work, collaboration, and strategic alignment with both Standard Bank Group and J.P. Morgan. It enables Angola to do business with a broader range of global partners and demonstrates the tangible impact of our Group’s purpose — to drive Africa’s growth through meaningful connections.”
The partnership will substantially enhance cross-border trade, investment flows, and financial transparency, strengthening Angola’s position as an emerging hub for regional and international business.
“This partnership marks an important step in reinforcing Angola’s reintegration into the global financial system,” added Crosby Mkhwanazi, Head of Transaction Banking at Standard Bank CIB.
“Restoring direct correspondent USD and EUR clearing capabilities allows us to better support the needs of our multinational, corporate, and institutional clients engaged in trade and investment flows between Angola and global markets. This development enhances financial connectivity, facilitates transparency, and accelerates economic progress.” With this milestone, Standard Bank Angola reaffirms its commitment to advancing Angola’s financial integration and strengthening Africa’s connection to the world’s financial epicentres — one partnership at a time.