Windhoek — The Bank of Namibia has given a provisional banking licence to PlatinumHabib Bank Namibia (Bank PHB Namibia).
"The provisional licence is valid for six months as from 21 August 2009 and is set to expire on 21 February 2010," the central bank said in a statement.
During the six-month period Bank PHB Namibia is prohibited from carrying out any banking business activities. However, it is expected to organise itself to fully comply with all Bank of Namibia conditions prior to granting a full banking license, the statement said.
Bank PHB Namibia will operate as a fully-fledged retail bank and is owned by various shareholders including PlatinumHabib Bank Plc Nigeria and Namibian shareholders.
"They envisage establishing multiple distribution channels across Namibia," the central bank said.