The central bank yesterday verified that Banco Privado Atlantico Europa has been given the go-ahead to begin operating in Namibia’s financial services sector under its trading name of Banco Privado Atlantico Namibia.
The Bank of Namibia yesterday confirmed that it has issued a Certificate of Authorisation for the bank to establish a foreign banking institution in the country. The Namibian Branch License is effective from November 1, 2015.
“The public is further notified that Banco Privado Atlantico Namibia is now permitted to engage in banking activities with any person in Namibia, especially soliciting deposits from the general public. In this regard, the Bank of Namibia congratulates the shareholders and management team of Banco Privado Atlantico Namibia and extends best wishes on their future endeavours in the banking sector,” said Ndangi Katoma, Bank of Namibia’s director for strategic communications and financial sector development.
Atlantico is a privately-owned bank headquartered in Luanda, Angola. The bank was founded in November 2006 with a strong commitment to the development of the Angolan economy and is currently present in all 18 districts of Angola, serving individual, corporate and institutional clients. Atlantico Europa was the bank’s first step at internationalisation. Atlantico Europa is a European registered bank, based in Lisbon, Portugal and is regulated by Banco de Portugal and CMVM (Portuguese Securities Market Commission).
As part of its global strategy, Atlantico is presently expanding its activities to Namibia and Mozambique. According to its website, the bank has more than 100 000 clients in Angola, including 7 000 corporate clients at its 52 branches in that country.