Question 1

What is Banco Económico?

Accepted Answer

Banco Económico is a universal bank in Angola that provides comprehensive financial services to individual customers, small and medium-sized enterprises, and large corporations. Headquartered in Luanda, the bank is one of Angola's leading financial institutions and is designated as a banking financial institution of systemic importance by the Banco Nacional de Angola.

The bank positions itself as a multi-specialized institution with a strong focus on customer-centric service, digital innovation, and contributing to Angola's economic development. It is recognized for its expertise in trade finance, corporate banking, and private banking services.

Question 2

When was Banco Económico founded?

Accepted Answer

Banco Económico was originally founded in 2001 as Banco Espírito Santo Angola (BESA), affiliated with Portugal's Banco Espírito Santo (BES). Following the bankruptcy of its Portuguese parent company in 2014, the bank underwent a major transformation.

On July 28, 2014, the Angolan state and local partners intervened, injecting approximately US$3 billion in fresh capital after the bank reported losses of US$467 million in the first half of 2014. On October 30, 2014, the Banco Nacional de Angola officially announced the bank would assume the name Banco Económico S.A., marking its rebirth as an independent Angolan institution.

Question 3

Where is Banco Económico headquartered?

Accepted Answer

Banco Económico is headquartered at Rua do 1º Congresso do MPLA, No. 8, Luanda, Angola. The bank's head office building, inaugurated at the end of 2015, is considered a reference building both nationally and internationally.

The modern headquarters houses the bank's central services and administrative operations, including strategic direction, corporate governance, risk management, treasury operations, and coordination of the bank's extensive branch network. The building is located in Luanda's financial district and serves as the central hub for all banking operations throughout Angola.

Question 4

Where does Banco Económico operate?

Accepted Answer

Banco Económico operates throughout Angola with a presence in 17 provinces across the country. The bank maintains a comprehensive network of branches, corporate centers, service offices, and specialized centers for Umoxi (Affluent), Private Banking, Institutional, and Top Corporate clients.

Key regional operations include branches in Benguela (supporting local commerce, fisheries, and agriculture), Huambo (serving one of Angola's most populous provinces and key agricultural hubs), and Cabinda (providing specialized services for the economically vital exclave). As of recent reports, the bank operates approximately 70 service points, over 70 ATMs, and more than 3,300 point-of-sale terminals nationwide.

Question 5

What services does Banco Económico offer?

Accepted Answer

Banco Económico offers a comprehensive range of financial products and services across multiple segments. For individual customers, the bank provides current and savings accounts, Multicaixa debit cards, Visa credit cards, personal loans, housing loans, term deposits, and savings plans.

For business clients, the bank specializes in corporate banking, trade finance, leasing, investment banking, cash management, and electronic banking solutions. The bank has particular expertise in serving the institutional segment and the Oil & Gas sector.

Digital services are a key focus area, with the bank offering EconomicoNet for internet banking and the EconomicoNet App for mobile banking. The mobile app, available on Android and iOS, enables customers to check account balances, view transactions, make transfers between Banco Económico accounts or to other Angolan banks, pay bills, and locate nearby branches. The bank was recognized with the "Best Mobile Banking Application Angola" award by Global Banking & Finance Review.

Question 6

What makes Banco Económico unique?

Accepted Answer

Banco Económico distinguishes itself through several key characteristics. The bank was awarded "Bank of the Year in Angola 2023" by The Banker Magazine, recognizing its strong performance and strategic initiatives.

The bank's distinctive corporate identity features an elegant combination of colors that differentiates it from other operators in the Angolan banking market. Its strong, imposing brand is already well-recognized by customers.

Banco Económico has a particularly strong legacy in trade finance and was the first Angolan bank to become a member of the International Chamber of Commerce Banking Commission. The bank emphasizes digital transformation and innovation, continuously investing in technology to provide increasingly customized products and services that create value for customers.

The bank's shareholder structure includes major Angolan entities such as Sonangol EP, Geni Novas Tecnologias, and international partners including Lektron Capital and Novo Banco, reflecting its strategic importance to Angola's economy.

Question 7

What type of financial institution is Banco Económico?

Accepted Answer

Banco Económico is classified as a universal bank (Banco Universal) in Angola, meaning it provides a full spectrum of commercial and investment banking services. The bank is officially designated as a banking financial institution (IFB - Instituição Financeira Bancária) of systemic importance according to Article 14 of Banco Nacional de Angola Notice No. 8/2021 of July 5.

As a universal bank, Banco Económico serves all market segments, from retail customers to large corporations and institutional clients. The bank operates with a multi-specialized approach, offering distinct value propositions for different customer segments including Retail, Umoxi (Affluent), Private Banking, Small Companies, Medium Companies, Large Companies, and specialized services for the Institutional and Oil & Gas segments. The bank is also listed on the Angolan Stock and Debt Exchange (BODIVA).

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