Markets
SME bank a reality after a protracted process
- Markets
- Published Date
- Nyasha Francis Nyaunwa
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More than three years after Cabinet gave its blessings to the formation of a bank that caters exclusively for small and medium enterprises, the highly anticipated SME bank will soon become a reality.
Speaking at the “groundbreaking ceremony” of the SME bank held in the capital this week,Trade and Industry Minister, Dr Hage Geingob said the much-awaited bank is set to open its doors to the public in the first half of this year.
Zimbabwean commercial bank, Metropolitan was chosen as a technical partner in the venture ahead of five other banks. Investors from the bank are set to invest between N$14 and N$18 million into the project that is three years behind schedule because of a protracted due diligence process which saw government officials visit Zimbabwe on three occasions to ascertain the suitability of Metropolitan Bank as a partner to the project, a process that riled Geingob.
More SMEs queue up at financial institutions
- Markets
- Published Date
- Johanna Absalom
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More small and medium enterprises (SMEs) in Namibia are seeking financial assistance, with an increased number of entrepreneurs recorded applying for funding from financial institutions.
Statistics from Bank Windhoek indicates that during 2011, about 397 SMEs applied for loans from that bank. “The number of applications during 2011 has increased with 72, totalling 324,” said Wilfried Hähner, communication practitioner of reputation management, marketing and corporate communication services at Bank Windhoek.
According to Bank Windhoek, the retail sector had the most number of SMEs seeking financial assistance from the bank, while the Development Bank of Namibia’s statistics for the last quarter of 2011 indicate that about 20.1 % of the total approved applications went towards retail trade and repairs.
Gecko dependent on uranium
- Markets
- Published Date
- Clemencia Jacobs
- Hits: 124
The Gecko Vision Industrial Park development is dependent on the growth of Namibia’s uranium industry. Phillip Ellis, managing director of Gecko Namibia, says the project is closely related to the development of the uranium industry and that its timing needs to coincide with the emerging uranium producers in Namibia.
He added that the project will go ahead pending approval based on its environment impact assessment.
The uranium industry has been affected by the Fukushima disaster and a number of countries have put their nuclear programmes on hold as result, with Germany, Switzerland and Belgium deciding to cancel their expansion programmes and also close down their existing nuclear power stations.
Bank’s corporate division grows
- Markets
- Published Date
- Waldo
- Hits: 55
First National Bank has appointed Maggie von Rhein, Hannes van Zyl and Angelique Peake at the bank’s corporate and commercial division.
Maggie von Rhein has more than 20 years of banking experience and has been working in corporate banking in Namibia as a relationship manager for the last 10 years.
Hannes van Zyl has more than five years of credit experience particularly in corporate, commercial and private banking. He also has audit experience specifically in the Forensic Audit field.
Angelique Peake specialises in mining and resources, construction and large corporate company deals. She also has international banking experience having worked for Barclays Bank in the UK for three years.
Oryx back in local hands
- Markets
- Published Date
- Lorato Khobetsi
- Hits: 113
Oryx Properties has sold 25.5% of its shares which were previously held by SA Corporate Real Estate Fund to TLP Investment One Three Seven for N$185 million.
TLP Investment One Three Seven, a consortium of Namibian companies, acquired the entire SA Corporate holding with effect from 31 January. The transaction which was concluded late last year, placed Oryx back into local hands and further ensured that approximately 74% of Oryx shares are now owned by Namibian investors.
According to Stefan de Bruin, CEO of Oryx Properties, the transaction has now entrenched Oryx Properties as a truly Namibian owned entity.
As part of the funding of the purchase consideration, TLP Investment shared their acquisition with other interested investors with Coronation Fund Managers and Sanlam Namibia being the major participants.
