At independence in 1975, the government converted the local branch of the Portuguese colonial bank, Banco Nacional Ultramarino, into the National Bank of São Tomé and Príncipe, which took on the functions of central bank, development bank, and commercial bank. The government created a monobank by bringing the only other commercial bank in the country, the Banco Popular de Angola (formerly Banco Comercial de Angola and now Banco de Poupança e Crédito), under the control of Banco Nacional and by merging its savings bank, the Caixa de Crédito.
In 1992, a reform law resulted in the National Bank giving up its development and commercial banking functions, focusing on central banking. With that reform, the bank took on its present name.[2] The successor bank for the commercial banking functions was Banco Internacional de São Tomé e Príncipe (BISTP).
