Banco de Fomento Angola (BFA) has become the first Angolan bank to establish a correspondent banking relationship and open a US dollar account with American financial giant Citibank, the institution announced on Wednesday, 24 August.
BFA described the arrangement in a statement as ‘a historic milestone in its internationalisation strategy,’ making it the first Angolan bank to forge ties with ‘one of the largest financial institutions in the world and one of the leading banks in the United States.’
According to the bank, the new relationship strengthens BFA’s capacity to support clients, businesses, and investors by facilitating international payments, foreign trade operations, and global financial flows, while also creating new business opportunities and deepening engagement with international institutions and partners.
‘By establishing this relationship, Citibank will make its infrastructure and international network available to support the processing of BFA’s operations, reinforcing the bank’s capacity to accompany and facilitate its clients’ financial flows between Angola, the United States, and the rest of the world,’ the statement read.
For BFA, the establishment of this relationship also signals confidence in the bank’s soundness, governance, risk controls, compliance framework, and its ability to operate in line with international financial system standards.
The institution said the agreement reinforces its ambition to play a more prominent role in connecting the Angolan economy to the world’s leading financial centres.
‘This is an achievement for BFA, a milestone in the internationalisation of Angolan banking, and a step towards bringing Angola closer to the global financial system,’ the bank concluded.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/?p=533984
