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Angola: Regulator approves bank and insurance sector merger

By  |  July 15, 2019

The Angolan Regulatory Competition Authority (ARC) has approved the merger of companies involving Banco Económico, Seguradoras Unidas and Tranquilidade, Corporação Angolana de Seguros, according to an announcement published in the Jornal de Angola newspaper.

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    The document, published on the public utility pages of the newspaper, states that on July 5 the ARC Board unanimously decided not to oppose the deal because the assessment concluded that no obstacles to competition would be created in the relevant markets.

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    The ARC had been notified since March 25 that Angolan bank Banco Económico was planning to acquire the shareholding of Seguradora Unidos in Tranquilidade, Corporação Angolana de Seguros, according to a statement released at the time.

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