The Angolan bank describes the move as a “historic milestone in the internationalisation of Angolan banking,” as it now has access to the US bank’s international infrastructure and network.
Banco de Fomento Angola (BFA) has become the first Angolan bank to establish a correspondent banking relationship and open a US dollar account with the American bank Citibank, the financial institution announced on Tuesday.
In a statement, BFA describes the move as “a historic milestone in its internationalisation strategy,” making it the first Angolan bank to establish such a link with “one of the largest financial institutions in the world and one of the leading banks in the United States.”
This new relationship, the statement says, “strengthens BFA’s ability to support its clients, companies and investors, creating possibilities for international payments, foreign trade and global financial flows, as well as new business opportunities and new relationships with international institutions and partners.”
“By establishing this relationship, Citibank will make its international infrastructure and network available to support the processing of BFA’s transactions, reinforcing the bank’s capacity to monitor and facilitate its clients’ financial flows between Angola, the United States and the rest of the world,” the statement notes.
According to the institution, establishing this relationship represents “an important sign of confidence in its soundness, governance, risk control and compliance, and in its ability to operate in line with the highest standards of the international financial system.”
BFA says that “this milestone reinforces the bank’s ambition to take on an increasingly relevant role in connecting the Angolan economy with the world’s main international financial centres.”
“It is an achievement for BFA, a milestone in the internationalisation of Angolan banking and a step towards bringing Angola closer to the global financial system,” it states.
Observador, 25/08/2026
