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Namibia: ABSA Gets Nod From BoN

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The Namibian (Windhoek)

14 May 2008
Posted to the web 14 May 2008

Windhoek

BANK of Namibia (BoN) Assistant Governor Ipumbu Shiimi has announced the issuance of a provisional banking licence to the ABSA Group Ltd.

This provisional banking licence is valid for a six-month period effective from April 15 2008.

A provisional banking licence provides an institution the opportunity to conduct and complete feasibility studies in order to validate its business plan for entry into the Namibian market.

A BoN statement said during the six-month period the banking group is prohibited from conducting any banking business and, in particular, the taking of deposits from the public.

"After six months the Bank of Namibia, in conjunction with the ABSA Group, will assess the operational readiness of the proposed bank, and depending on the outcome, Bank of Namibia will then only issue a permanent banking licence," said Shiimi.

As regulator and supervisor of the banking industry, the central bank is responsible for assessing banking licence applications and awarding those licences.

Absa, if approved, would become the fifth commercial bank operating locally.

The others are Bank Windhoek, Nedbank Namibia, Standard Bank Namibia, and the First National Bank Namibia.

Relevant Links Southern Africa Economy, Business and Finance Namibia

Of these, only Bank Windhoek is 100 per cent Namibian owned.

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