Central Bank of São Tomé and Principe assumes management of failing bank

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São Tomé and Principe flag

The Central Bank of São Tomé and Principe is assuming the management of local commercial bank Banco Equador, it announced today, on account of its "imminent state of insolvency".

The intervention – set to last 90 days – began after the central bank activated several mechanisms at its disposal. Banco Equador is the second largest commercial bank in São Tomé and Principe, according to the bank's website, and the majority of its capital belongs to Angolan shareholders.

In the recent months the bank

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