Banco de Fomento Angola establishes correspondent banking with Citibank

Banco de Fomento Angola (BFA) has become the first Angolan bank to establish a correspondent banking relationship and open a US dollar account with the American financial institution Citibank.

BFA describes the move as a “historic milestone” in its internationalization strategy, providing the bank with access to Citibank’s global infrastructure and network. This partnership is intended to facilitate international payments, foreign trade, and global financial flows for BFA’s clients, companies, and investors.

The institution stated that the agreement serves as a sign of confidence in BFA’s solidity, governance, risk control, and compliance with international financial standards. The partnership aims to strengthen the connection between the Angolan economy and major international financial centers.