Africa’s richest woman to expand banking empire to Namibia | Oct 08, 2014

Isabel Dos Santos is Africa's first female billionaire. Photo: AFP/Getty Images

Isabel Dos Santos is Africa’s first female billionaire. Photo: AFP/Getty Images

Isabel Dos Santos is the daughter of Angolan Pres Jose Eduardo Dos Santos. Photo: AFP/Getty Images

Isabel Dos Santos is the daughter of Angolan Pres Jose Eduardo Dos Santos. Photo: AFP/Getty Images

•Isabel Dos Santos studied in London and opened first business aged 24

•Now owns vast stakes in several Portuguese and Angolan companies

•A reported 25% share in Angolan mobile company is worth £1bn minimum

Africa has its first female billionaire in Isabel Dos Santos, daughter of Angolan President Jose Eduardo Dos Santos.

Africa’s richest woman, Angolan Isabel dos Santos, is set to spread her banking empire into neigbouring Namibia, after a banking licence was approved by the country’s central bank.

Bank of Namibia spokesperson Ndangi Katoma said the bank had granted provisional authorisation to Bank BIC Namibia Limited to conduct business as a banking institution in Namibia.

Bank BIC Namibia Limited is a subsidiary of Angolan Bank Banco BIC, which is 42.5-percent owned by Africa’s first woman billionaire, the daughter of Angolan President Jose Eduardo dos Santos.

Isabel dos Santos, is reported by Forbes to be worth $3 billion.

But Katoma warned that Bank BIC Namibia would not be allowed to engage in banking activities with any person in Namibia just yet, “especially soliciting deposits.”

The Bank of Namibia must first issue a certificate of authorisation.

Angolan Bank Banco BIC is one of Angola’s biggest banks, with an estimated 200 branches across the country.

Portuguese newspaper, Publico reported last week that Isabel dos Santos had increased her stake in Angolan Bank Banco BIC by 25 percent to 42.5 percent.

Namibia’s banking sector is currently dominated by South African three subsidiaries First National Bank, Standard Bank, Nedbank, as well as Bank Windhoek.

Source: New Vision

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