Economic Bank plans to increase capital by June 2020

Luanda – Economic Bank (BE) has announced plans to increase its capital by the end of the first half this year, aimed to secure short and long-term sustainability of the institution.

The move is in the line with a decision approved by the General Assembly of the institution’s shareholders in August 2019

The decision follows the main conclusions released by National Bank of Angola (BNA), under the exercise of Asset Quality Assessment (AQA), which instructs Economic Bank to rise the capital, according to press release reached ANGOP on Monday.

At its General Assembly, the Economic Bank’s shareholders decided the need of greater recapitalisation as the results of AQA’s exercise conducted to EB on December 31, 2018.

In a note published on December 30 on Assessment of the Quality of Assets of 13 commercial banks, accounted for 92.8 per cent of the assets of Angolan banking sector, the BNA instructed the banks to assess the needs of additional capital and ensure compliance with the prudential limits established in the regulations in force until 30 June 2020.

Economic Bank has currently 62 branches and 11 business centers.

Source: Angola Press News Agency