Standard Chartered is broadening its African footprint by opening an onshore banking subsidiary in Angola, together with ENSA, a state-owned Angolan insurance company.

The international banking group Standard Chartered has opened an onshore banking subsidiary in Angola, together with ENSA, a state-owned Angolan insurance company. The bank has signed a joint venture with ENSA in which Standard Chartered is the majority shareholder, with 60 per cent of the share capital of the bank.

The subsidiary, which will be named Standard Chartered Bank Angola, S.A, will be the first major international bank with an onshore presence in Angola. Heading up the firm, is chief executive Miguel Miguel, an Angolan national with over a decade of experience working in the oil and gas industry in the country.

“Angola is the third largest economy in Sub Saharan Africa and China’s largest trading partner on the continent, accounting for a fifth of Africa’s total trade with China. Our partnership with ENSA will allow us to deepen our relationships with our existing clients and win new business as we support trade and investment between Angola and our network in Asia, Africa and the Middle East,” said V. Shankar, group executive director and CEO for Europe, the Middle East, Africa and the Americas.

According to a joint statement, the move is largely prompted by Angola’s growing economy based on its rich commodities market, including significant reserves of oil and diamonds and largely untapped mineral deposits, including iron, copper, phosphate and uranium. The country is the second-largest producer of oil and gas in Sub-Saharan Africa and is also China’s largest trading partner in Africa. In 2012, this trade corridor was worth over $35 billion alone, providing the Angolan economy with a much-needed boost.

Generally, Africa as a target region for managers looking to rein in new millionaires is rising in the wealth management ranks (read more on that, here.) To this end, Angola is quickly becoming a hot market for financial services firms to tap into, as the country’s wealth continues to increase.

As such, “the approach of the new entity will be marked by a focused client strategy that builds on its core expertise and client needs. Both Standard Chartered and ENSA are eager to contribute to the sustainable development of the Angolan financial sector in accordance with international standards,” added ENSA CEO Manuel Joaquim Goncalves.

Standard Chartered is a major player in Africa with offices across the continent, including locations in Angola, Botswana, Cameroon, Cote d'Ivoire, Egypt, Ghana, Kenya, Mauritius, Nigeria, Sierra Leone, South Africa, Tanzania, The Gambia, Uganda, Zambia and Zimbabwe.