The Angolan government wants to sell strategic shares in Standard Bank and Banco de Fomento as well as in the telecom company Unitel.

Angola aims to attract more foreign private capital and boost the country's financial services sector. Indeed, the Angolan State is preparing to sell its shares in two major banking institutions such as Standard Bank and Banco de Fomento Angola, the second largest bank in the country in terms of total assets. According to José de Lima Massano, Angolan Minister of State for Economic Coordination, this operation is part of a wider strategy of economic diversification, the objective being to reduce the dominance of hydrocarbons, which generate more than 90% of Angola's export revenues

This program should contribute to the revival of the economy by attracting foreign private capital, through the opening of strategic business sectors. These three new sales announced are more generally part of a privatization program that targets 200 public entities, more than half of which have already been sold since 2019. This program is not only aimed at attracting foreign capital, but also at opening strategic sectors to stimulate growth and reduce dependence on oil.