Angolan Banking Sector visit to Washington, D.C.
Washington, DC, October 13, 2016 - On the margins of the 2016 World Bank and IMF fall meetings, the  U.S. - Angola Chamber of Commerce (USACC)  in partnership with the Central Bank of Angola (BNA) , organized a two-day program aimed to strengthen relations with U.S. banking and financial institutions along with compliance organizations.  During October 11-12, 2016 the two-day program was attended by the Governor of the Central Bank of Angola ,  H.E. Valter Filipe Duarte da Silva ,  Angolan commercial bank executives along with senior executives from the Central Bank of Angola.

 Angolan Central Bank Governor, H.E. Valter Filipe Duarte da Silva & USACC President, Ms. Maria da Cruz  with the Commercial Bank delegation at the Lincoln Memorial.
The Angolan Commercial Bank delegation was comprised of   Luis Lelis  and  Ulanga Gaspar Martins , Banco Africano de Investimento;  Antonio Catana , Banco de Fomento Angolano; Mario  Palhares , Banco de Negocio International (BNI);  Júlio Lopes , Caixa Geral;  Daniel Santos   and  Augusto Baptisa , Millennium Atlântico;  Antonio Coutinho , Standard Bank and  Miguel Bartolomeu  of Standard Chartered.
Governor Silva and Ms. Maria da Cruz pose with US and Angolan Commercial Banks that attended the Roundtable held on the morning of October 11, 2016
On October 11 , a roundtable discussion, moderated by Mr. Witney Schneidman was held at the University Club in Washington, DC.  USACC's President, Ms.  Maria da Cruz , welcomed the delegation and iterated the importance of their visit to Washington DC.  Ms. Cruz also stated that this was the first time that the USACC partnered with the Central Bank of Angola. Ms. Cruz stressed the importance for the BNA to share its strategic plan with key U.S. governmental agencies, international partners, and U.S. companies while they were in Washington DC.
Mr. Witney Schneidman, Senior International Advisor - Covington & Burling, LLP, reiterated the importance for the BNA and The Angolan Commercial Bank delegation to clearly understand the issues that hinder financial cooperation between the United Sates and Angola.
(left to right) Hon.Agostinho Tavares, Angolan Ambassador to the US; Mr. Wayne Abernathy, Executive Vice President of the National Bankers Association; H.E. Valter Filipe da Silva, Governor of BNA; H.E. Suzanna Camacho, Vice-Governor of BNA; Ms. Maria da Cruz, President of USACC and Mr. Witney Schneidman, Senior International Advisor, Covington & Burling, LLP.

Governor Silva agreed with Mr. Schneidman and immediately provided clarification of Angola's goals of the financial and banking restructuring program, to include: clarifying its position regarding where it stands within the Angolan and International banking system; defining strategic goals to better comply with global financial standards and demands; and maintaining the progress currently underway within the banking and financial sector of Angola.
Governor Silva
Governor Silva spoke about the restructuring of the banking sector and remains optimistic about the country's potential.  The Governor also stated, "The banking system must be the engine of the Angolan economy", and believes that coordination between the Central Bank and commercial banks is vital.  For the immediate future, he expressed his desire to cooperate with U.S. policy and banking institutions in order to strengthen Angola's policies and compliance mechanisms. He would also like the Angolan Banks Association and the American Bankers Association (ABA) to engage in knowledge sharing, so that local commercial banks can better align their practices with international standards.

H.E.  Suzanna Camacho Monteiro , Vice Governor of BNA provided detailed information on Angola's restructuring.  Ms. Monteiro reiterated that BNA was already implementing numerous changes that would hold financial actors accountable for bad practices. Among these changes was the creation of a new Stability Committee responsible to oversee banking activities across the entire country.

The Angolan Ambassador to the United States, Hon. Agostinho Tavares da Silva Neto, 
Provided closing remarks.  He noted that Angola is a very young country that went through a tough civil war that ended 15 years ago. He encouraged business executives to keep their optimism because better days are ahead.

The Roundtable discussion was also attended by USACC Board members: Mrs. Monika Juska, BP; Mr. Renato Almeida , Chevron. And, Mrs. Ana Dias Lourenço, Executive Director of the 25th Constituency of the World Bank; Mr. Aaron Martz, Desk Officer for Angola at the US State Department; Ms. Saliha Loucif, Desk Officer for Angola at the Department of Commerce; and Mr. Wayne Abernathy, Vice- President of the American Bankers Association (ABA) .
Jason Scheurer
Following the Roundtable, Angolan Bank Executives, attended private meetings with US institutions.  The first was with Mr. Jason Scheurer, President of Orchad Wealth and Legacy Management who stated "Everyone should have a financial lifeboat in case something goes wrong."
Following Mr. Scheurer's presentation,  Rick Angiuoni , Director, Africa & Global Business Development Division of the Export-Import (EXIM) Bank of the United States gave a presentation on "Unlocking U.S. Ex-Im Financing". EXIM Bank is the official export credit agency of the United States. Mr. Angiuoni discussed the current state of the U.S. EXIM Bank.  He also clarified how EXIM Bank works and how it can benefit Angola.
The final presentation of the day was focused on combating corruption and corporate governance by  Center for International Private Enterprise (CIPE) . CIPE mobilizes the private sector as a leading force in reducing bribery, extortion, and other forms of corruption. CIPE's programs build institutions and reinforcement structures that reward honesty and transparency and punish abuse. During their presentation, the representatives from CIPE noted, good corporate governance is crucial to the overall institutional health of countries because it creates demand for better public governance reforms at every level. The governor was inspired by the presentation and indicated, the Angolan banking system needs institutions such as CIPE. 
On October 12th 2016, delegates from BNA and the commercial banks representatives met for a breakfast presentation by Simpson, Thacher & Bartlett, LLP, on the Office of Comptroller of the Currency (OCC) release risk reevaluation guidance for foreign correspondent banking. There were numerous discussions on corporate governance, best practices for banks' consideration when conducting periodic risk, and account retention or termination decisions relating to foreign correspondent accounts.  The meeting resulted in the Angolan Commercial Bank delegation's promise to reconvene in Angola, draft some recommendations and then present the BNA with their recommendations to help improve Angola's regulatory framework. 
The delegates during the presentention of Thacher & Bartlett LLP
The afternoon events included a private tour of the Bureau of Engraving and Printing's facilities and a subsequent visit to the U.S. Capitol and The Lincoln Memorial.
Anne Marie Plubell , Vice-President, Regulatory Affairs of EMPEA, hosted Angolan banking representatives for a discussion on "Private Equity, Venture Capital, and Infrastructure Funds in Emerging Markets: Practical Solutions for Building an Effective Private Equity Sector and Policy Environment". EMPEA representatives stressed on international investors' interest in emerging markets, particularly Angola. Leaders in the Angolan banking industry wanted to learn how to better market certain assets and industries within Angola. Ms. Plubell highlighted that one of the most important aspects for investors is the people leading such investments and projects. Other elements considered include Return on Investment, capacity, mode and cost of access and political risk. The Angolan private equity and venture capital industry is new and attractive, and companies such as EMPEA can have a positive impact on the sector.

Angola banking delegates with EMPEA Staff 
The last event of the program was a Networking cocktail with opening remarks from USACC's President, Ms.  Maria da Cruz . She thanked the Governor of the Central Bank for the opportunity of hosting such a delegation of finance experts. Ms. Da Cruz then gave the floor to Mr.  Mario Palhares , Dean of the Angolan Bank Association. Mr. Palhares stated that BNA can't conclude its forthcoming mission by itself. Commercial banks in Angola have to contribute as much as possible. 
 
Mr. Palhares informed attendees that a task force will be created to follow the result of BNA's visit to Washington D.C. In his remarks, Governor Silva thanked USACC for its support and stated that BNA is leaving with a feeling that its mission was accomplished in Washington DC. Finally, H.E. Agostinho Tavares da Silva Neto stated that it has been an honor for him to work with BNA while they were in the U.S.  He indicated the Angola Embassy is always standing by to work with institutions such as the BNA.

The results of the two-day program are as follows:
  • A Partnership agreement between the American Bankers Association (ABA) and the Angolan Banks Association (ABANC) has been discussed to build a relationship between these two prestigious organizations. and facilitate ongoing discussions about further improvements in Angola's financial system;
  • The Angolan commercial banks present at this two-day program will write a recommendation report on ways to overcome challenges in using the current banking system in Angola.  This will be presented to the Central Bank of Angola;
  • The Central Bank of Angola will work closely with the U.S. government agencies to help ensure that the rate of progress in reforms is maintained;
  • USACC and the Central Bank of Angola will continue their collaboration to strengthen dialogue between the commercial banks and the financial sector.

At 25 years old, the U.S.-Angola Chamber of Commerce (USACC) is the oldest and unique organization devoted exclusively to promoting U.S. trade and investment in Angola, and Angolan economic development. USACC provides business-oriented services and events for its members, offering a degree of in-depth contacts and expertise on Angola, not found in any other organization.