Ver Angola

Banking and Insurance

Intermediation and investment services move to the sphere of the capital market in 2024

Commercial banks will no longer, as of next year, provide intermediation services and investment activities, which will become the exclusive tasks of institutions in the capital market, an official source said on Friday.

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According to Joceline Paquete, director of the development office of the Capital Market Commission (CMC), the board of supervisors in the financial system defined the transition of investment activities in securities from banking financial institutions to securities distribution companies and society securities brokerages.

Joceline Paquete referred that the transition process should be completed by December 31 of this year.

"As of January 1, 2024, only brokers and dealers registered with the CMC will be able to provide intermediation services in the capital market", said the official, speaking to Angolan public radio.

The director of CMC's development office revealed that the process is taking place in a phased manner, it started this year and until March the regulatory and infrastructure adjustments were made.

From April to June, informed the official, the transition process of private securities will be carried out, that is, shares or private bonds, and from June to December, the transition of public securities will have to take place, that is, available treasury bonds in the market.

Currently, four brokerage companies and two distribution companies are registered in Angola, with a forecast that, by the end of the year, this will increase to around 16, highlighted Jocelina Paquete, who considered "an adjusted number", taking into account the size of the market.

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