On June 9, 2022, Banco Angolano de Investimentos (BAI) did something no Angolan company had done before. Its shares began trading on BODIVA, making it the first company ever listed on the exchange’s equity market.
Other issuers followed. Three years later, BFA joined BODIVA’s equity market through a 2025 IPO that raised USD 242 million and became the largest exchange operation in Africa that year. BAI’s own shares also gained 69% over the course of 2025, ending the year at Kz 94,500.
Since December 2025, the bank has brought two public bond offerings to market, including the first sustainable bond issued by an Angolan company on BODIVA. Besides its own securities, the bank now settles secondary-market transactions for 13 securities brokers and dealers.
More than four years after its first listing, BAI is now active across equity, debt and market infrastructure, even as Angola’s capital markets continue to expand.
What It Took for BAI to Become Angola’s First Listed Company
Going public on BODIVA required more than putting BAI shares on the market. Before investors could buy them, the bank had to prepare the business for the greater transparency and accountability that come with being publicly traded.
In 2022, BAI amended its Articles of Association and reviewed its corporate governance, financial reporting and transparency practices to meet public-market requirements. Once listed, BAI also had to continue providing investors with the information needed to evaluate the bank and its performance.
BAI had no earlier domestic equity listing to use as a reference point. By completing the process first, the bank gave other Angolan companies a local example of what entering the public market required and what operating as a listed company involved afterward.
The significance of that first transaction became clearer as Angola’s equity market continued to develop. BAI had established a domestic precedent for a process that previously had no local example.
BAI Expands Its BODIVA Activity With Two Public Bond Offerings
BAI’s first public debt offering, Obrigações BAI 2026–2031, opened for subscriptions on Dec. 18, 2025. The issue included up to 2 million bonds with a face value of Kz 25,000 each, for a maximum size of Kz 50 billion. The bonds carry a fixed annual coupon of 20%.
Investors had until Jan. 26, 2026, to subscribe, and the bonds were admitted to trading on Jan. 30.
Seven months later, BAI returned to the market with a second offering, this time focused on sustainable finance. Subscriptions for the Sustainable Bond 2026–2029 opened on Aug. 24 and closed on Sept. 14, 2026.
The offering is worth up to Kz 50 billion, with the potential to increase to Kz 57.5 billion through a green-shoe provision. According to BAI, that represents approximately USD 55 million to USD 63 million.
The bond carries a fixed annual coupon of 17%, paid twice a year, and runs for three years from Sept. 21, 2026, to Sept. 21, 2029. It is scheduled to begin trading on Sept. 22.
Beyond raising capital, BAI is also using the transaction to gauge domestic demand for sustainability-labelled debt and see what pricing investors will accept for this type of security.
That work began before the bond reached investors. On Sept. 19, 2025, BAI signed a memorandum of understanding with UNDP Angola covering sustainable finance, funding tied to the Sustainable Development Goals, the development of Angola’s capital market and financial products such as green bonds.
In 2025, Banco BAI also created a dedicated Sustainability Office, published its first Sustainability Report and began incorporating environmental, social and governance factors into its risk management system. The bank also introduced Crédito ECO Futuro for projects with a positive environmental impact.
BAI is still working to apply sustainability criteria more broadly across its lending process. For now, the Sustainable Bond gives the bank a direct way to test investor demand for this type of financing in Angola.
The Other Side of BAI’s BODIVA Business
Some of BAI’s activity on BODIVA takes place after buyers and sellers have already agreed to a trade. The bank provides settlement services to 13 securities brokers and dealers. In 2025, it settled 33,293 secondary-market transactions, a 132% increase from the previous year. Foreign-currency settlement totaled USD 503.3 million over the same period.
Unlike an IPO or bond offering, settlement happens largely behind the scenes, but it is essential to completing the transaction.
BAI also holds a significant stake in BODIVA, while its subsidiary, ÁUREA SDVM, is active in trading, custody and other securities-market services.
At the 2025 Prémios Tchiluanda, ÁUREA was recognized for technological innovation and for recording the largest amount traded on the equity market. It also received recognition for its contribution to IPO structuring and for having the largest number of custody accounts.
Together, these activities show how much of BAI’s role in the market now falls outside the public offerings that attract the most attention. Through settlement, custody and other securities services, the group is involved in many of the transactions and accounts that keep the market operating.
What Comes Next for Banco BAI and Angola’s Capital Markets
BAI’s June 9, 2022, admission to trading on BODIVA was a first for Angola’s equity market, but its significance has become even clearer in the years since.
The bank continued using the market it helped open, returning with public bond offerings while taking on settlement work for other securities firms and participating in the market through ÁUREA SDVM.
At the same time, other issuers entered BODIVA and new forms of financing began reaching investors.
Banco Angolano de Investimentos became an early domestic example of how an Angolan company could enter the public market — and how that relationship could continue well beyond the first day of trading.
As more issuers enter the market and more types of securities become available, BODIVA is building a longer transaction history and expanding the role of public markets in Angola. That growth gives companies more ways to raise capital while expanding Angola’s experience with publicly traded stocks and bonds.
Four years after BAI’s listing, Angola has already shown that a public equity market can work. The next question is how many companies will use it, what kinds of securities will be offered and how large a role capital markets will play in the country’s financial system.
