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Challenges That Define Our Nature Developments in the Financial Sector

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Challenges That Define Our Nature Developments in the Financial Sector Challenges that define our nature Developments in * the financial sector *Banking Review It is with great pleasure that Deloitte Among the relevant events of 2015, we launches the 11th edition of the Banking in may also highlight the fact that for the Analysis study. first time sovereign debt bonds were sold on international financial markets. This This is one of the benchmark initiatives emission was an important step towards undertaken by Deloitte with the objective the diversification of the financial sources of gathering, systematising and sharing the of economic actors. relevant information for the financial sector and its actors in the market. Of equal importance was the signing of the intergovernmental agreement between We believe that this study represents yet Angola and the United States of America another contribution towards transparency over the implementation of the Foreign and sophistication in a sector that has Account Tax Compliance Act. headed down a path of determined robustness in defence of its role played in Within the current economic context, the economy and the employment market we would highlight how the sector still and as well as in terms of social inclusion registered growth in assets and deposits through financial service provision. among the commercial banks analysed here. Thus, we believe that this project is no more than another complement to the Simultaneously, we may observe the very efforts that the financial sector itself has positive results turned in by the indicators been making towards assuming a leading related to electronic means of payments, role in the Angolan economy. in particular, a 45% surge in the number of transactions carried out through ATM This is a particularly noteworthy year given terminals. the BNA – the National Bank of Angola – commemorates its 40th anniversary In this edition, we again count upon the in 2016 and has long been an ally of the inputs of bank leaders sharing with us their financial system. In issuing the regulations experiences and visions on recent events as that drive new management and well as their strategic outlook for the sector. governance practices, the BNA embodies the mission to foster the financial sector The results that we present here are a and improve on the quality and credibility reflection of the work and commitment of financial institutions and their services of all actors engaged in the sector. They at the national level, for both the corporate are the challenges that define our nature and the individual markets, and also at the and the resilience that characterises the international level. development of the financial sector in Angola. Rui Santos Silva Country Managing Partner Deloitte Angola 01 Table of Contents Banking Review 2016 4 50 ABANC interview Macroeconomic framework 6 58 EMIS interview Angolan economic framework 8 66 Interviews Banking Review 2016 - Banking sector leaders Study 81 Financial statements 02 03 Banking Review 2016 | ABANC interview ABANC Strengthening the representation of members alongside our social partners In the last 12 months, what Another facet of the bank business What are the core goals and objectives What do you consider to be the role key aspects would you like to emerged out of the need to rethink the for the Financial Sector in general and of the banking sector in boosting the highlight regarding the activity and organisational measure within the field ABANC in particular until the end Angolan economy and in the financial performance of the Financial Sector? of managing the credits issued to the of 2017? inclusion of the private sector? What strategic actions have been economy in accordance with that in ABANC shall continue to deepen its The banks are the guarantor of the defined by the Banks to face the meanwhile deemed priority and necessary representation of its members to the investment necessary for employment, current challenges from the economic to change in the face of the needs social partners that have in recent growth and modernisation. Analysing context and exchange rate instability? emerging in the meanwhile. years maintained a close relationship the different actors contributing towards The 2015 financial year was especially In any of these situations, interconnected that greatly contributed towards the GDP, we find that private investment, characterised by the strong negative with the bank business, there were modernisation of the banking system consumption and exports, that we go impact caused by the sharp and prolonged transformations in their management that and correspondingly approximating, in a about enabling, are an essential objective drop in the price of crude, imposed upon greatly hindered their activities. sustained fashion, the best international and the fundamental motors of growth in the normal activities of banks hitherto Moreover, the banks had to deal with practices. We shall similarly maintain an any economy. To achieve such goals, bank heavily sustained by the dependence of fiscal reform and its consequences for effective presence in the discussions financing is an inherent factor. This should the national economy, on undertaking their products with implementation also around themes of relevance to fiscal be accessible to the extent of client needs, Amílcar Azevedo da Silva exchange rate operations destined to pay involving operational transformation reform, in which our contribution has their projects and the market. President of ABANC for the import of goods and services with preceded by thorough analysis. proven of great utility in relation to Banks, despite the vicissitudes of the – the Angolan Banking Association amounts of substantial relevance. No less important, the continuity of the interests of the respective parties. different economic environments, due to Within this economic conjuncture in which implementation of the new norms We shall also continue to strengthen the country having adjusted in keeping the high level of demand for the acquisition published by the BNA, in seeking to set the particular dedication given to the with the international crises that have of foreign currency among clients cannot down essential practices for relationships ongoing relationship with the UIF on every spread unavoidable contagion, have been be met, forces lottery allocated sales between banks and their correspondents. issue interconnected with combatting the acting financiers of the economy and the establishing of priorities with Indeed, a challenging financial year within money laundering and the financing of and would be able to play this role even banks needing to engage in prodigious a very difficult macroeconomic context terrorism where there still remains a lot more so should companies attain higher organisational redesigning so as to compounded by a business environment to do despite the improvements already standards of management through their sustain their businesses with a minimum that fell short of that necessary to attract attained and seeking in this fashion to partners gaining a capital structure more of credibility. The adverse conjuncture investors. attain the standards that guarantee greater appropriate to their businesses. prevailing imposes upon the competent confidence and credibility in the Angolan Should this happen, the banks, in due authorities the affixing of restrictive policies banking system. course, would gain the opportunity to that generate direct impacts on liquidity support this growth with the resulting management and forcing the banking benefits that we are all aware of. system to advance with continuous adjustments with troubled reflections on the relationships between banks and their clients, who do not always understand never mind accept such situations. There were, in fact, very difficult moments and that in some way contributed towards the existence of anomalous situations that had otherwise long since been overcome. 04 05 Banking Review 2016 | EMIS interview EMIS - Interbanking Services Company Constantly strengthening system and service resilience In the last twelve months, what key What strategic actions have been What are the main institutional goals What do you consider to be the role Inter-bank payments are not possible aspects would you like to highlight defined by EMIS to face the current and objectives for 2017? of EMIS in boosting the Angolan without cooperation and interconnections regarding EMIS activity challenges from the economic context In 2017, the number one priority, as already banking sector and economy? between those banks. EMIS thus performs and performance? and exchange rate instability? stated, is to maintain the service standards Angola today counts upon a modern a leading role which is that of the anchor EMIS is a system operator which places EMIS is no exception and also at the levels that our populations have payments system that is a reference of the payments system. However, there a strong importance on resilience. That experiences the effects of the exchange already become accustomed to. Hence in the region. As is known, the country is also a secondary but no less important was how over the last twelve months, we rate restrictions affecting the Angolan this also extends to constantly raising the went through a prolonged civil war that role that involves acting as the locomotive were able to ensure an up-time in excess economy. Any company dependent resilience of our systems and services. ended in 2002 and it was only with the powering the traction necessary for of 99.96% in the central system – a level of on external factors, whether be it In line with its core central mission, EMIS arrival of peace that the country truly progress in payment systems. service worthy of highlighting. the importation of raw materials or shall continue to focus its attentions on began to develop and modernise its Replicating the EMIS system in every It is a pity that this level of service has technology, as in our case, activities are the massification of electronic payments payments system. In 2003, Angola did bank individually, with equivalent levels of not always been accompanied by the conditioned by the exchange rate budget.
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