In July, last month, the National Bank of Angola issued two notices regarding the constitution and transformation of banks.

The Notice nº 9/13 published on July 8, 2013, establishes the requirements and procedures for the authorisation of banks, including the establishment of subsidiaries, branches or representative offices with registered office in a foreign country. It is also applicable to the authorisation for the constitution of subsidiaries, branches or representative offices authorised by the National Bank of Angola in a foreign country.

Regarding the rules applicable to the transformation of banks, the Notice nº 10/13 published on July 9, 2013, establishes the requirements and procedures regarding the acquisition and the direct or indirect increase of participation, as well as the merger or the scission of banks under the supervision of the National Bank of Angola. The new rules aim to adapt the bank regulation to the international practices.