Lusa - Business News - Angola: More banks could go under with new share capital law, reckless management - expert

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Lusa - Business News - Angola: More banks could go under with new share capital law, reckless management - expert

Luanda, Nov.25,2022(Lusa) – An Angolan specialist in banking law said on Friday that more banking and financial institutions in Angola may be declared insolvent in the near future, mainly due to the new imposition of the regulator on their share capital and "reckless" management.
Osvaldo Malanga said that bankruptcy equals death, he does not want banking institutions to be declared insolvent, but at the same time he concedes that these may see their licences revoked by the regulator, particularly in the area of share capital.
"Bankruptcy is equal to death and when someone dies, we all lose, the State loses because it does not collect tax, we citizens lose, because we lose jobs, and we all lose because it is bad when an entity that should help the economy disappears," he said.
He acknowledged, however, the bankruptcy of banking institutions in strict compliance with the new requirement of the national bank of Angola (BNA - the country's central bank) regarding share capital for commercial banks, now set at 15 billion kwanzas (€27.9 million).
"I think it [bankruptcy] could happen, we are talking about the BNA notice setting double the amount that was previously required, now it is 15 billion kwanzas," he told reporters.
Speaking on the sidelines of the 3rd Angolan Congress on Banking Law, where he spoke about the "Insolvency of Banking Financial Institutions," Osvaldo Malanga pointed to imprudent management and money laundering as some of the causes of bank insolvency.
Management that "is not prudent, that does not bring a financial return for the institution leads to the revocation of the license, and we can also add money laundering," he said.
"Because if the institution is used to launder money the BNA can also revoke the licence," he said, considering that politically exposed people in the banking sector also influence the revocation of institutions' licences.
"The issue of politically exposed people also influences the financial system, because we have seen that if these people do not meet any of the requirements that the law requires, then it could also be one of the causes of license revocation," he explained. The BNA has recently revoked the licenses of banking and non-banking financial institutions, as happened last October with Banco Prestígio, "due to a lack of maintenance of regulatory own funds.
Over the last few years the Angolan central bank has withdrawn the licenses of banks Mais, Postal, Angolano de Negócios e Comércio (BANC) and Kwanza Invest, due to "several irregularities and failures to comply.
According to the legal expert, the regulator's actions are in strict compliance with the General Credit Financial Institutions Act and the Business Recovery and Insolvency Act and, "for that reason, are legally backed.
And the BNA, he said, "does not revoke licenses just for the sake of revoking them, there is a previous regulatory proceeding in which the BNA sends several warnings to the financial institution, there are corrective measures, such as the issue of share capital.
"It is normal that those affected complain, but there is a legal process, there are legal norms that provide for prudential or corrective intervention by the BNA and then revocation as a measure of last resort," said Osvaldo Malanga.
"Before the regime we currently have, which has been in force since last year, bankruptcy could only be declared by a court, but now, in the banking sector, bankruptcy has an administrative nature, that is, who will declare that an institution is bankrupt or not is the BNA, it will no longer be the courts," he pointed out.
The specialist also explained that revoking the license of a banking institution is a measure of last resort, as the process begins with a prudential intervention by the regulator.
"Yes, there is prudential intervention, that is, the BNA will warn about the exercise of financial activity, if there is a need to increase the share capital, if there is not enough solvency for the exercise of that activity," he noted.
The 3rd Angolan Congress on Banking Law is due to take place today in Luanda, organised by Altafinança - an Angolan financial consultancy company.
DYAS/AYLS // AYLS
Lusa

Agency : LUSA
Date : 2022-11-26 00:32:00

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