Standard Chartered has opened a new onshore banking subsidiary in Angola in association with state-owned insurance firm ENSA.

The subsidiary, which will be named as Standard Chartered Bank Angola, will be the first major international bank with an onshore presence in Angola.

Angola-based Miguel Miguel, who has more than 10 years of experience in the oil and gas industry, will be CEO of the new subsidiary.

The bank and ENSA have formed a 60/40 joint venture.

Standard Chartered group executive director and CEO for Europe, the Middle East, Africa and the Americas V. Shankar said, "Our partnership with ENSA will allow us to deepen our relationships with our existing clients and win new business as we support trade and investment between Angola and our network in Asia, Africa and the Middle East."

ENSA CEO Manuel Joaquim Goncalves said, "ENSA and Standard Chartered see a significant opportunity in the establishment of a full on-shore presence in Angola.

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"Both Standard Chartered and ENSA are eager to contribute to the sustainable development of the Angolan financial sector in accordance with international standards," Goncalves added.