The Angolan Investment Bank (BAI) and the Bank of China Limited, Luanda Branch, recently signed a co-operation agreement aimed at strengthening financial operations between Angola and China, with particular focus on the use of renminbi and cross-border payments.

The Memorandum of Understanding establishes the basis for opening a renminbi clearing account, developing settlement and clearing services in the currency, and supporting BAI’s indirect participation in the Cross-Border Interbank Payment System (CIPS) through the Bank of China. The system enables international payments denominated in renminbi to be processed and settled.

The partnership is expected to enable BAI to gradually strengthen the services available to Angolan companies with commercial or financial ties with China. The bank plans to provide specialised solutions for payments, the settlement of commercial transactions and other RMB transactions, in accordance with the applicable regulatory requirements.

The Chief Executive Officer of BAI, Luís Filipe Lélis, said that the memorandum represents another step in the bank’s internationalisation strategy and aims to support its customers’ international activities. According to the official, the co-operation will enable the bank to keep pace with the dynamics of economic relations between Angola and China, while contributing to the development of trade, investment and financial integration between the two markets.

(Source: Jornal Mercado, 8 September)