25 May 2024

BANCO SOL: turning a crisis into an opportunity

| The European |

BANCO SOL is becoming a catalyst for change in Angola, and playing a pivotal role in improving the nation’s socio-economic conditions. The bank’s commitment to a culture of unity promoted by SOL Group, along with the continued development of new products and services are all part of a sustainability strategy called the “Bank for all of us.”

BANCO SOL is investing in innovative solutions as a way of countering the currency exchange crisis caused by the fall in global oil prices. By adapting to the economic current climate, the bank is playing a crucial role in the development of the Angolan economy.

Ensuring the bank is profitable, while managing the balance sheet is definitely a challenge, but it’s a challenge that’s inspiring new levels of creativity. Led by CEO, Dr Coutinho Nobre Miguel, BANCO SOL is achieving the results that its shareholders, clients, employees and ultimately, the market demands.

High currency depreciation and currency shortages have had a negative effect on savings and incomes across Angola, as well as declining deposits and the value of the kwanza. It’s therefore important that all areas of BANCO SOL stay true to the governing ethos of the SOL Group, which is committed to a strategic and balanced management of its assets and resources. By continuing to do this ensures BANCO SOL achieves growth across different sectors and increases its value within the Angolan financial market.

As a pioneer in microcredit, which was at the forefront of BANCO SOL’s creation in October 2001, the bank operates across several business segments, including investment and private banking, leasing and factoring. For several years, the bank has also worked with the SOL Foundation – its CSR and philanthropic counterpart – and IMOSOL, which specialises in real estate.

The objective is to be a leader in microcredit in Angola and to seek strategic and sustainable partnerships that can provide the population with the capacity to expand and develop their business ideas. By empowering the people, and giving them the chance to succeed, Angola will grow together as a nation. BANCO SOL is a key player in achieving this vision.

Customised solutions

The bank’s primary objective is meeting the expectations of its clients. BANCO SOL has therefore developed flexible and tailored solutions for each business segment in order to add value for its clients. The creation of a private banking initiative to provide products and services to large clients is one of the priorities for this year, as well as the development of SOL Insurance, which will be launched soon.

Dr Coutinho Nobre Miguel, CEO, BANCO SOL

The internationalisation strategy is another exciting prospect for 2017. Through this strategy BANCO SOL can begin to meet the demands of the global financial markets.

At the same time, it’s necessary to attract new clients whilst also maintaining the existing base and stimulating commercial activity. All this is only possible by investing in human resources and ensuring the training and development of every individual is given the bank’s full attention.

BANCO SOL’s activity is carefully monitored with regards to risk management, internal control and proper compliance with the rules and directives of the National Bank of Angola (BNA) and the standards set by the international market.
The sustainable development of Angola is BANO SOL’s overriding objective, and by continuing to meet the high standards the bank sets itself, its contribution to this goal becomes ever more valuable.

Further information

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