The National Bank of Equatorial Guinea (BANGE) recently celebrated the opening of its first European office in the Spanish capital, Madrid. The inauguration ceremony took place on 19 January and marked the beginning of a new era for the bank.
Representing BANGE was the Chairman of the Board of Directors, Martin Crisanto Ebe Mba and his management team, CEO Manuel Osa Nsue Nsua, Deputy General Director, Pedro Abeso Obiang Eyang, Director of Area Management, Emilio Moyo Avoro, Commercial Director, Jacinto Nsue Osa and the Territorial Director, José Valentin Abeso Eyama.
Among the guests were representatives of Spanish banks, the Bank of Central African States (BEAC), diplomatic members accredited in Spain, including Purificación Angue Ondo, Ambassador of the Republic of Equatorial Guinea in Spain and members of other African states.
Mr Ebe Mba, Chairman of the Board of Directors, presided over the event. In his speech he spoke of BANGE’s history since it was founded through to its present success and how the opening of this office will facilitate the collaboration and development of business opportunities currently offered by Equatorial Guinea to Spanish entrepreneurs and investors.
The Secretary of State for the Development of the National Economic Plan, Guinea Equatorial’s Horizonte 2020, Cesar Augusto Mba Abogo also spoke on behalf of the Republic of Equatorial Guinea.
After the speeches, The European recognised BANGE as Business Bank of the Year in Equatorial Guinea. The award was presented to Mr Ebe Mba and the award for Banking CEO of the Year for Equatorial Guinea, was presented to Mr Osa Nsue Nsua.
The main objective of the new representative office in Spain is to promote investments not only of Spanish companies, but also to everyone in Equatorial Guinea, in addition to supporting and facilitating the citizens of Equatorial Guinea in their projects of all kind, in Europe and other markets.
Mr Osa Nsue Nsua has high hopes for the future of BANGE and said: “I see the National Bank of Equatorial Guinea with an important national and international expansion, as a strong sub-regional group with representation in at least three Central African countries, with the prospect of converting the representative office in Madrid into a financial Entity with the capacity to operate in the Spanish market and new branches in other areas such as the insurance industry.”
This representative office operates as a supervised entity and it is registered in the Registry of Entities of the Bank of Spain. The next step for the National Bank of Equatorial Guinea, to make its presence in Spain, is to obtain a commercial bank license to fully operate as a credit institution in the Spanish market.
BANGE, which is based in Malabo, was founded in 2006 and despite global economic turmoil and low oil prices in recent years, has since 2012, achieved results that have been improving year-on-year, with double-digit growth rates.
During its first 10 years of activity, BANGE has established 22 branches – more than any other bank in Equatorial Guinea – and has 380 employees. The opening of the Madrid office is part of a new growth phase that will continue in the coming months with new offices in Cameroon and Congo.
Its staff are BANGE’s greatest asset – 98% are Equatoguineans and their professional and personal development is a priority for the bank, devoting significant amounts of resources in training programmes in Equatorial Guinea and abroad, especially in Spain.
The strength and stability of BANGE is reflected in its own funds with sustained growth and a solid balance. BANGE complies with all the stability ratios required by international banking regulations confirmed in the latest report issued by the Central Africa Banking Commission (COBAC).
All forecasts predict strong growth and expansion of BANGE in the coming years, in line with the objectives set out in the strategic plan 2015-2017.
BANGE has an extensive network of correspondent entities throughout the world, allowing it to develop its international business model with efficiency. In line with international standards, BANGE has a strong compliance department. Staff training is ongoing and all staff receives the necessary knowledge on prevention of money laundering and financing of international terrorism. In addition, BANGE is registered in the Foreign Account Tax Compliance (FATCA) and strictly complies with all national and international regulations.
BANGE is perfectly positioned to continue the growth phase, as well as the opportunity to contribute to making Equatorial Guinea an emerging country.
BANGE are making banking more accessible to the people of Equatorial Guinea by facilitating access to the bank and all its services. Its offices are interconnected where anyone can operate their account independently, in any branch of the bank or through the internet, as well as check their balances through a SMS messaging service. This will enable a more simplified process between customer and their banking accounts; something that is already happening worldwide but a major breakthrough for a small country in Africa.
Rural Credit facilities
As an example of the innovative services, BANGE is very proud of its Rural Credit facility aimed at farmers, fisherman and others trading in the primary sector. Through this type of specialised lending the bank is able to continue supporting these projects. The product is well-valued and appreciated by the people of Equatorial Guinea as it contributes to the recovery of the country’s primary sector.
The National Bank of Equatorial Guinea (BANGE) was established as a result of a commercial alliance between the State of Equatorial Guinea and the Philippines Bank of Commerce and its charter was signed on 10 June 2006. Eventually this investment group was joined by a small group of Guinean investors. In recent years the bank’s trajectory can be defined as ascendant and successful.
The results are evident with a solid customer base. To date, BANGE has 25 branches in Equatorial Guinea. The new Spanish office is located in Madrid, C/Serrano 106.