Sim Tshabalala-led Standard Bank expands in Angola

Standard Bank, Africa’s largest lender by assets, led by South African banker Sim Tshabalala, has secured approval to open a correspondent account with JPMorgan in Angola, a step that restores direct access to U.S. dollar and euro clearing in one of the continent’s biggest oil producers. 

JPMorgan’s return to Angola comes after years in which international banks reduced exposure to the country over governance and compliance concerns. This deal signals renewed confidence. It also gives Standard Bank the ability to settle cross-border trades more efficiently for clients in sectors that anchor Angola’s economy. 

This strengthens our ability to serve mutual clients in critical industries that support Angola’s growth story,” said Luvuyo Masinda, chief executive for Standard Bank’s corporate and investment bank. “We are connecting African clients to global capital flows and supporting economic development.” Masinda was appointed CIB chief last year. The division is Standard Bank’s most profitable business unit, generating nearly half of group earnings.

Angola’s reform drive 

Standard Bank owns about 51 percent of its Angolan subsidiary. It plans to raise that stake to 75 percent through an initial public offering, subject to final approvals from authorities. Angola last year announced plans to sell as much as 34 percent of Standard Bank de Angola SA in the IPO. 

The sale forms part of the government’s privatization drive. Since 2019, authorities have completed 89 disposals and have 74 more in the pipeline, including Unitel—the country’s largest mobile operator. The state seized a 49 percent stake in Standard Bank de Angola previously held by a former insurance magnate who is now serving a nine-year sentence. 

Luís Teles, CEO of Standard Bank Angola, said the JPMorgan approval “is historic” for the bank and the country. “This took several years of work,” he said. “It allows Angola to transact directly with more global counterparties.” Crosby Mkhwanazi, who leads transaction banking at Standard Bank CIB, said the restored clearing links will help support multinational and institutional customers active in trade between Angola and global markets. 

A broader push under Tshabalala 

Founded in 1862, Standard Bank operates in 20 African markets and is valued at R419 billion ($24 billion) on the Johannesburg Stock Exchange. It reported R24 billion ($1.36 billion) in headline earnings and a 19.1 percent return on equity in the first half of 2025. 

Under CEO Sim Tshabalala, Standard Bank has widened its influence in sustainable finance. Earlier this year, the bank raised its sustainable finance commitment to R450 billion ($26 billion) by 2028 and pledged $1 billion over the next decade to support women entrepreneurs across the continent.