An executive of the South African banking group Standard Bank told Reuters that the institution plans to increase its shares in its subsidiaries in Angola and Nigeria.

The Angolan state plans to sell up to 34% of Standard Bank of Angola, after seizing a 49% stake in the bank from insurance magnate Sao Vicente, who was sentenced to nine years in prison for “embezzlement” and “tax evasion”.

Standard Bank, which already owns 51% of the Angolan credit institution, has the right to buy an additional 24% stake.

“We are in a process where we are making every effort to increase our participation, if all goes well,” said the South African group's managing director, Sim Tshabalala. He also indicated that Standard Bank is seeking to increase the capital of its Nigerian subsidiary, which it already controls at 67.55%