At the request of the National Bank of Angola (BNA), FSVC conducted a review of the overall state of the Angolan banking sector. The purpose of the mission was to assess the overall health of the Angolan banking sector and identify steps to strengthen it. Angola is the third largest sub-Saharan African economy, and its banking sector today is a unique product of Angola’s colonial history, its 27-year civil war, and the 38-year administration of Angola’s previous President. The last period resulted in a high level of interconnectedness among the country's political elite, certain banks and important large enterprises that emerged in a largely centrally planned economy. 

The FSVC team that conducted the assessment mission included John L. Douglas (FSVC Board Member and Senior Executive Vice President and Chief Oversight and Advocacy Officer, TIAA), John L. Walker (FSVC Board Member and retired Partner, Simpson Thacher & Bartlett LLP), Lauren L. Pickett (Director, Anti-Money Laundering and U.S. Sanctions Group, SIA Partners), J. Andrew Spindler (President & CEO, FSVC) and Mourad Baly (Country Director, FSVC).

Over the course of five days, the FSVC team met with senior-level representatives from the BNA, Angolan banks, Chevron, the Angolan Banking Association (ABANC), the U.S.–Angola Chamber of Commerce and the International Monetary Fund (IMF), among other institutions. These discussions focused on several key issues, including: 1) the high levels of Angolan government bonds held by banks, and of non-performing loans (NPLs) to private borrowers; 2) the quality of the BNA’s bank supervision and how to enhance supervision; 3) the status of anti-money laundering/combating the financing of terrorism (AML/CFT) laws and regulations in Angola, and their enforcement;
4) issues related to the connection of the Angolan banking sector to the international financial system; and 5) how the Angolan banking sector can support economic growth, job creation and financial inclusion. 

As a result of this assessment mission, the BNA is receiving specific recommendations on measures to strengthen banking supervision and encourage lending activities that promote job creation, economic growth and diversification of the Angolan economy. Angolan banks will receive targeted guidance on how to strengthen their AML/CFT compliance programs as well as credit-origination capacity, among other topics.