28 August 2009

Namibia: Nigerian Bank Gets Provisional Licence

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.

Copyright © 2009 Namibia Economist. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.