Sonangol and Barclays Wealth

 Sonangol is a state-owned oil company in Angola, Africa’s fastest growing economy. Although its focus is on the oil industry, it has also diversified into other industries. These include concession granting, exploration and production, distribution of oil derivatives, sale of crude, civil aviation and maritime transportation.

Its business has grown from strength to strength, with its global footprint extending from Africa, Middle East, UK, US, China and India. They maintain three trading offices in US, UK and Asia.

A total solution

Sonangol began banking with Barclays almost five years ago. Our relationship began with standard transactional banking and grew stronger, thanks to our relationship management approach, and now are one of Sonangol’s major bankers outside Angola.

We assigned Relationship Managers to Sonangol’s account, each of whom could be contacted directly, as well as an Account Executive for transactional support. When required, we also added experts such as a Treasury Manager and a Cash Management Specialist to the team. And our award-winning online electronic banking platform, International Corporate eBanking (ICeB), gave Sonangol a cost-efficient, quick and easy way of managing its international banking.

Sonangol were impressed, and began expanding the number of accounts they held with Barclays Wealth. As a result, we now work with Sonangol in all the major regions and financial centres where they are active around the world. And because we’re can offer products and services from across the Barclays Group, including Barclays Global Investors and Barclays Capital, we’re able to work with Sonangol in ways that some wealth brands struggle to compete with.

We’ve even extended our commitment to Sonangol by visiting their operating base in Luanda, Angola, to gain a broader understanding of their strategy and future financial requirements.

To find out how Barclays Wealth could support your company, please contact us.