Angola seeks to raise $228m from shares in Standard Bank unit seized from tycoon

Angola plans to raise as much as 208.5 billion kwanzas ($228 million) from the sale of a 34% stake in Standard Bank de Angola SA previously held by a jailed former insurance tycoon.

The Angolan government seized a 49% stake in Standard Bank Angola from Carlos Sao Vicente in 2020. He was later convicted of crimes including embezzlement and tax fraud, and is currently serving a nine-year prison term.

South Africa-based Standard Bank Group, which owns 51% of the unit, has the right to buy an additional 24% stake, with the remaining 10% to be sold to the public via the BODIVA stock exchange from September 11 through September 25, the Agency for the Management of State Assets and Holdings, or IGAPE, said in a statement.

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The shares are being offered to Africa’s biggest lender by assets at 41 220 kwanzas apiece and to the public at between 41 220 kwanzas and 50 000 kwanzas. Trading is expected to begin September 30.

Angola also plans to sell stakes in nine other assets before next year’s elections. IGAPE Chairman Álvaro Fernão said in July that the Standard Bank disposal would be followed by the sale of the state’s 1.4% holding in Banco Caixa Geral Angola SA.

The sales would complete Angola’s 2019-26 privatisation program, a cornerstone of President João Lourenço’s reform agenda aimed at modernising the economy and attracting private investment.

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