MOSCOW, March 1 (RIA Novosti) -- Banco VTB Africa SA, the first Angolan foreign-controlled bank, opened in the capital, Luanda, with Russia's foreign trade bank Vneshtorgbank (VTB) holding 66% stock, VTB said.

The bank has authorized capital of $10 million and is expected to focus on corporate and investment business to begin with, a VTB news release said.

"The main clients of the bank will be Russian companies interested in developing their business in Angola and other countries in southern Africa in such sectors as processing natural resources, energy, telecommunications, construction and trade," the news release said.