VdA and PRIME Advogados, a member firm of the VdA Legal Partners international network in Angola, advised Mercury Investments, as shareholder, on the incorporation and commencement of activities of African Bank of Oman, the latest banking financial institution to operate in Angola.

The advice covered all relevant aspects relating to the issuance of the banking licence and the subsequent registration of the bank with the National Bank of Angola, including the processes for commencing operations, capitalisation and the registration of the members of the corporate bodies. In addition, the teams supported the preparation of internal policies and all essential documentation required for the bank’s operation.

The firms also assisted with corporate matters and corporate housekeeping, and advised on labour, real estate and foreign investment matters.

The entry of African Bank of Oman marks an important step in the Angolan financial sector, adding another bank to the market. At this stage, its activity will focus on the Corporate and Investment Banking segment, and it also aims to build strong links between Angola and the Middle East, particularly the Gulf region.

African Bank of Oman begins its operations with fully subscribed share capital of AOA 18,240,000,000.00.