2:46 AM, February 24, 2024

BCS Bank: maximising opportunities in Angola

| The European |

Scottish economist and philosopher Adam Smith once said: “It is not by augmenting the capital of the country, but by rendering a greater part of that capital active and productive than would otherwise be so, that the most judicious operations of banking can increase the industry of the country.”

It’s a lesson that BCS Bank has learnt well and its sustained progress demonstrates the efficiency of its strategic positioning. Specialising in both the private and corporate sectors, BCS Bank is symbolic of the very best in Angolan banking. It is also proof that banks must be proactive when confronted with a crisis by reconciling the challenges with the need to achieve efficient economic integration.

BCS Bank is founded on a model of excellence and adherence to strict compliance rules and governance. It is also built around a highly efficient team, whose twin objectives are to deliver the very best to its clients and to fulfill client expectations inline with international standards.

BCS provides a benchmark for innovative banking solutions and promotes a culture of customer service characterised by exclusivity, trust and responsibility. The BCS motto translates to “excellence before quantity”, which captures an ethos the bank works tirelessly to fulfill.

Maria do Céu Figueira

By servicing both private individuals and large corporates, BCS has become a focal point for those with a strategy for investment in Angola and seek a secure and prosperous path. The bank’s strong track record since its foundation has demonstrated that its strategy is working, yet through a continual system of training and evaluation the bank is always improving its service.

A wealth of natural resources

The kwanza is more than just a currency, it is the backbone of Angola and carries the hopes of the country. The government has laid out plans to diversify the economy and the reassess its national priorities. As well as the revenue derived from new strategic areas – as defined by the government –there is also greater investment in existing industries and services nationwide.

The Angolan economy is underpinned by natural resources and there has been a rapid development of the oil sector and agricultural production. Angola’s favourable demographic, economic growth prospects and political stability have led to an increase in investments in these areas. Significant foreign investment is already being attracted and more is set to follow. Against this backdrop, private banking plays a crucial role in boosting the national economy and its in this area that BCS Bank can help secure a better future for Angola.

Angola’s economy has experienced rapid growth over the last decade, driven mostly by the exploitation of its vast natural resources. Today, the country ranks as the third largest economy in sub-Saharan Africa. Since 2002, Angola has relied on its natural resources as its main source of revenue. Diamonds account for a sizeable share – Angola is Africa’s third-largest diamond producer by quantity and value. Mining has attracted foreign investment and boosted exploration for precious stones and other minerals.

Investment in Angola’s oil industry grew consistently over the previous decade, dwarfing other sectors of the economy. Angola’s position as the third-largest GDP in sub-Saharan Africa is testimony to its wealth of natural resources.

New investment laws in Angola have created an attractive framework for investors. These guidelines protect the investors’ interests, but without affecting the state’s welfare – while also recognising the need to employ a local working force in the process of building the economy. This local working force is integral to the country’s development.

Angola’s agricultural sector accounts for only 11% of the country’s GDP but it has the necessary young and skilled workforce, good climate and arable land for expansion. Cash crops such as sugar and coffee, once major Angolan exports, are now being produced again. The fishing industry in Angola also shows huge potential. Its active fisheries also include rivers, freshwater lakes and reservoirs. The country’s coast is 1,600km long and its exclusive economic zone at sea covers 330,000 sqkm.

The need to diversify the economy is recognised, therefore the country has implemented expenditure measures to reduced certain deficits, which include ending fuel subsidies and freezing public sector hiring. The move towards diversification is taking place rapidly and agriculture is expected to play a key role in boosting the country’s exports and generating foreign currency earnings.

BCS Bank make the Angolan business environment clearer for investors. Led by CEO, Maria do Céu Figueira – who has 12 years experience in the Angolan banking sector – BCS is set to continue with playing a key role in the nation’s growth, both on the African and international stage.

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