Every one of the 58,000+ CEVAMA custody accounts on BODIVA is maintained through a licensed custodian bank (banco custodiante). Custodians serve as the gateway between investors and CEVAMA – the Central de Valores Mobiliarios de Angola – holding securities in book-entry form, processing corporate actions, and safeguarding client assets. No investor can trade on BODIVA without first establishing a custody relationship.
Role of Custodian Banks
Licensed custodians perform the following functions within BODIVA’s market infrastructure:
| Function | Description |
|---|---|
| Securities safekeeping | Holding equities, BTs, OTs, and bonds in CEVAMA accounts |
| Settlement processing | Facilitating T+3 delivery-versus-payment for equity trades |
| Corporate action handling | Processing dividends, rights issues, and other issuer actions |
| Account administration | Maintaining investor records, generating statements, handling KYC |
| Tax withholding | Deducting 10% IAC on dividends before distribution to holders |
| Regulatory reporting | Filing required reports with CMC and BNA on behalf of account holders |
Licensed Custodian Directory
| Custodian Bank | Parent Group | Key Strengths |
|---|---|---|
| Banco Angolano de Investimentos (BAI) | BAI | Largest custody book; integrated with BAI Capital Markets brokerage |
| Banco de Fomento Angola (BFA) | BFA | Strong institutional client base; international correspondent network |
| Banco BIC | Grupo BIC | Extensive retail branch network |
| Banco de Negocios Internacional (BNI) | BNI Group | Corporate and institutional focus |
| Standard Bank Angola | Standard Bank Group (South Africa) | Cross-border custody; sub-custody for international investors |
| Banco Millennium Atlantico (BMA) | Atlantico Group | Growing capital markets franchise |
| Banco Caixa Geral Totta de Angola (BCGA) | BCGA | Legacy Portuguese banking infrastructure |
Source: CMC licensed entity register. This list is indicative. Verify current licensing status directly with the CMC.
Licensing Requirements
The Comissao do Mercado de Capitais (CMC) licenses custodians under the Angola Securities Code (Lei 22/15). Eligibility is generally restricted to commercial banks licensed by the Banco Nacional de Angola (BNA), as custody services require robust operational infrastructure, client money segregation, and integration with CEVAMA and the BNA’s RTGS system.
Key requirements include:
- BNA banking license: Only licensed Angolan banks may serve as securities custodians
- CMC authorization: Separate approval from CMC for capital markets custody activity
- Minimum capital adequacy: Custodians must maintain BNA capital ratios alongside CMC-specific capital requirements for custody operations
- Operational infrastructure: Connectivity to CEVAMA, SETIC settlement interfaces, and corporate action processing systems
- Compliance and reporting: KYC/AML procedures, regular reporting to CMC, and client asset segregation
Custody Fees
Custodian banks charge fees for account maintenance, safekeeping, and corporate action processing. Typical fee ranges:
| Service | Approximate Fee |
|---|---|
| Annual custody (portfolio-based) | 0.10% - 0.25% of market value |
| Account opening | Free to Kz 25,000 (varies) |
| Annual account maintenance | Kz 5,000 - Kz 25,000 |
| Dividend processing | Typically included in custody fee |
| Statement generation | Typically included |
For a full breakdown of all transaction costs, see Trading Fees & Commissions.
Selecting a Custodian
Key factors for investors choosing a custodian:
- Integration with brokers: Some custodians are affiliated with licensed brokers, enabling seamless order-to-settlement workflows
- Foreign investor capability: Not all custodians support non-resident accounts or BNA foreign investment reporting; international investors should confirm before engaging
- Fee competitiveness: Custody fees vary; request a schedule from multiple banks
- Service quality: Corporate action processing speed, statement accuracy, and client support responsiveness differ across providers
- Branch access: For retail investors, proximity of branch locations may be relevant for account management
Sub-Custody for International Investors
International institutional investors typically access BODIVA through a global custodian that appoints a local Angolan bank as sub-custodian. Standard Bank Angola’s affiliation with Standard Bank Group makes it a common choice for cross-border custody chains. Sub-custody arrangements are governed by bilateral agreements between the global and local custodian, subject to CMC oversight.
For account opening procedures, see How to Open a BODIVA Custody Account. For broker selection, see Licensed Brokers.