The chairman of the board of directors of African Bank of Oman (ABO) stated that the new banking institution was launched today in Luanda to serve as a bridge between Angola and the Gulf countries. Tariq Ateeq, speaking at the launch ceremony of the new bank, said that the objective is to support trade, investment and sustainable development in Angola.

"Today is more than just the launch of a new financial institution."

"This is the beginning of a platform designed to connect continents, build bridges between countries, and bring markets, businesses, and opportunities closer together.", said Tariq Ateeq.

According to the official, the ABO was created with a clear purpose: to serve as a bridge between Angola and the countries of the Gulf Cooperation Council, supporting trade, investment and sustainable economic development.

“Our ambition is to support the sectors that drive economic growth, facilitate cross-border trade and investment, and provide modern, transparent, and efficient banking services.”, he said.

ABO began its operations on March 31st of this year, focusing its activities on supporting corporate and institutional clients, including large companies, multinationals, the public sector, and international investors, with a particular emphasis on the areas of energy, mining, infrastructure, agriculture, logistics, telecommunications, and industry.

"ABO is the first foreign-owned bank to be established in Angola as a truly Angolan institution."

"It's not a subsidiary, it's not a branch office, and it doesn't have a parent company that dictates how things work and who it depends on.""said the bank's chief executive, António Mendes, quoted in the statement."

In its initial phase, ABO will offer transactional banking services, international trade finance, foreign exchange operations, treasury management, and corporate financial advisory, with plans to progressively expand its offerings as regulatory authorizations and operational readiness are obtained, including more advanced structured finance solutions and specialized financial services.

“In this initial phase, ABO aims to serve approximately 50 multinational companies, local businesses, and state-related entities operating in Angola, with a planned strategy for gradual expansion to support broader flows of trade and investment between Africa and the Middle East.”, the statement reads.

The bank's strategy for the period 2026–2028 is based on a phased approach, focused on consolidating core operations and building a solid customer base.

Domingos Pedro expressed confidence in the new institution, which will play a significant role in job creation, promoting financial inclusion by expanding public access to banking services, supporting small and medium-sized enterprises, and efficiently channeling financial resources into the real economy, particularly strategic sectors.

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