Namibia: Standard Bank Celebrates Hugely Successful NSX IPO, Reflects On the Past, Contemplates Future

Standard Bank Namibia Held a Prelisting dinner this Thursday at the Windhoek Country Club, to celebrate the official milestone of listing on the Namibian Stock Exchange (NSX).

Vetumbuavi Mungunda, Chief Executive of Standard Bank Namibia said the importance of the pre-listing event was not only to celebrate their commitment to Namibia and its people, but also to engage with their stakeholders and reflect on the past and contemplate the future.

"A listing of a company on a stock exchange is not an easy task, it is a commitment to a future, it is a promise to stakeholders, it is a sharing in the prospect with fellow citizens, it is a commitment to transparency and openness," he explained.

He said they are excited by the number of individual Namibians who have placed their trust in them and their prosperity in the hands of the leadership of the bank.

"Over 10000 Namibians submitted 12500 applications for share in the bank and all Namibian individual and corporate applicants have been allocated all the shares they have applied for, whereas Namibian institutions have been allocated 41.58% of the shares they have applied for and non-Namibian institution was allocated 20% of the shares applied for," he added.

He thanked his management team in steering them through some significant transformational changed that included the construction of their new head office, completion of the replacement of their core banking system and the listing of their business on the NSX.

The Minister of Finance, Hon. Calle Schlettwein, said he was honoured to address stakeholders on the eve of the landmark and historic milestone for Standard Bank making the listing of 522,471,910 shares on the Namibian Stock Exchange with the addition of N$4.65 billion to the local stock exchange market capitalization.

"The listing adds to domestic financial markets deepening, local participation and ownership as well as intergenerational distribution of wealth and benefits across the wide socio-economic spectrum, therefore this is an act of good corporate citizenship and echoes the ethos of increased localisation contemplated in the Banking Institutions Act and the Financial Sector Charter commitments," he added.

Schlettwein then congratulated the bank on their well run and inclusive marketing campaign, which has gone a long way in contribution to financial inclusion as per the financial sector strategy.

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