Angola successfully raised 208.5 billion kwanzas, equivalent to approximately $228 million, from the sale of a 34% stake in Standard Bank de Angola SA. The shares were originally part of a 49% holding seized from former insurance magnate Carlos Sao Vicente, who was convicted of embezzlement and tax fraud and is currently serving a nine-year prison sentence.
The public offering, which ran from September 11 to September 25, significantly exceeded expectations. It attracted 6,215 new shareholders to the bank. Of the total shares offered, 24% were reserved for the existing shareholder, Standard Bank Group (SBGL), while 10% were sold to the general public. The overall coverage rate for the offering was 181.96%, with public demand reaching 378.66%.
Following the sale, Standard Bank Group's stake in Standard Bank Angola increased to 75%. The Angolan state, represented by IGAPE, now holds 15%, which is expected to be transferred to Angola's Sovereign Wealth Fund, and the new shareholders collectively own 10%. The shares were priced at 50,000 kwanzas for the general public and 41,220.24 kwanzas for the existing shareholder, generating 8,683 subscription orders, of which 8,183 were successfully processed. Standard Bank Angola is the third most profitable bank in the country, having reported a profit of $164 million in 2025.
