| ABSA back |
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| Written by Chamwe Kaira | ||||
Page 2 of 2 ABSA,
which controls South Africa's biggest retail bank, is now in the
process of acquiring a full licence. It will become the fifth
commercial bank to operate in the country.Outside of South Africa, ABSA operates in Angola, Tanzania and Mozambique. ABSA owned a 34,4% shareholding in Bank Windhoek through Capricorn Investment Holdings until November 2006 when it was bought out. The central bank’s assistant governor and head of financial stability, Ipumbu Shiimi said in an interview that the provisional licence will run until October this year, by which time ABSA is expected to have meet all the conditions needed to acquire a full licence. “If we are satisfied with them, we will grant them a full licence,” Shiimi said, adding that existing banks have not been informed of ABSA's re-entrance. “It is not our duty to inform them,” he said. Shiimi also disclosed that the central bank has approached Cabinet to have the conditions needed in to establish a bank in the country amended. At the moment, a minimum of N$10 million is needed to establish a bank. “This was enacted 10 years ago. In the new law, there will be no figures mentioned so that the Bank of Namibia can decided from time to time the minimum for establishing a bank. This is because it is very difficult to change the law,” he said. Pirikisi said that the banking group still has a lot of work to do before it acquires the full licence. “At the moment, we cannot say the amount we are going to invest in Namibia. It is still early days,” said Pirikisi. |
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