The Bank of Namibia has issued a six month provisional authorization to Banco Internacional de Credito (BIC) Namibia, a subsidiary of Banco BIC Angola controlled by Africa’s youngest female billionaire, Isabelle Dos Santos.

The license will allow Bank BIC Namibia conduct its business as a banking institution in Namibia, spokesman of Namibia Central Bank, Ndangi Katoma said.

“The bank may issue a certificate of authorisation to this entity to conduct banking business, provided that it satisfactorily fulfils the readiness requirements before commencing with banking operations,” he added.

But the operational license moves Banco BIC Angola closer to its goal of being the biggest lender in the Southern Africa region, particularly within the anglophone countries.

BIC is currently the biggest private bank in Angola with over 222 local branches.

“We are looking at all the countries around us. Sooner or later the Southern African Development Community will be even more interconnected and we have to be ready for the business that will occur in the economic zone,” Banco BIC’s CEO, Fernando Teles had said in April this year.

The approval came a week after Dos Santos increased her stake in the bank to 42.5 percent.