Namibia: FNB Group Profits Jump 19 Percent

14 September 2007

Windhoek — Chief Executive Officer of FNB Holdings, Vekuii Rukoro, has defended the bank's fee structure saying FNB has no apologies to make to those who make use of "excess availment", with regard to for example overdrafts.

"For the ordinary guy who does things according to the rules, our adjustment is only 4,8 percent, so we have done good," he said speaking at the launch of the company's annual report. He was proud of the company's Black Economic Empowerment deal, involving groups led by people such as Mwahafar Ndilula and Ranga Haikali, representing a broad-based group of public workers and teachers.

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