Citigroup Inc. is in advanced discussions with Banco Fomento de Angola (BFA), Africa’s second-largest lender, to offer dollar and euro clearing services, according to Bloomberg.

BFA is considering opening correspondent accounts with Citigroup, following a similar agreement recently reached with Deutsche Bank. The Angolan lender has also held preliminary talks with JPMorgan Chase over comparable services, in a broader effort to improve the country’s access to hard currency — a key challenge for its import-dependent economy and oil export sector.

If finalised, the move would represent a significant step toward strengthening Angola’s financial connectivity with global markets. It could also help ease pressure on the national currency, the kwanza, which has faced periodic volatility due to limited foreign exchange availability.

Citigroup, which operates in more than 100 countries, provides cross-border banking, investment banking, and markets services for multinational corporations. The bank is among the few global institutions with the capacity to offer clearing services in multiple hard currencies across emerging markets.

The New York–based lender, with a market capitalisation of around 179 billion US dollars, reported revenue growth of 6.7 percent over the past three years. Its net margin stands at 17.3 percent, although earnings have declined by nearly 15 percent over the same period, reflecting profitability pressures amid restructuring efforts.