Linklaters advises Standard Chartered in the negotiation of a joint venture agreement with ENSA for the banking business in Angola
Linklaters has advised Standard Chartered in the negotiation of a joint venture agreement with ENSA - Seguros de Angola, S.A. (ENSA) for the banking business in Angola.
ENSA is an insurance company owned by the Angolan state and a market leader in the Angolan insurance sector. Standard Chartered and ENSA incorporated a new bank in Angola named Standard Chartered Bank Angola, S.A. (SCBA), in which Standard Chartered holds 60% of the share capital and ENSA the remaining 40%.
After obtaining a banking license from the Angolan Central Bank, SCBA recently opened for business. Standard Chartered becomes the first major international bank to have an onshore presence in Angola, which is the second largest oil producer in Africa and is sub-Saharan Africa’s third largest economy.
This transaction required international and cross-jurisdictional co-operation and was another good example of Linklaters’ unique ability to provide support on projects covering different legal systems, languages and cultures and ability to work closely with the local firms from the relevant jurisdictions.
For Standard Chartered the project was led by Palwinder Hare, Head of Legal - M&A/Corporate. Linklaters advised under the lead of Richard Good (Corporate, London) and Diogo Plantier Santos (Corporate, Lisbon).
FBL Advogados were the lead lawyers for the banking licence application and incorporation. CFA - Law Firm were also involved in the deal.
For more information, contact Rupert Winlaw on +44 20 7456 3219