Rand Merchant Bank Namibia launched

RAND Merchant Bank Namibia (RMB Namibia), a wholly-owned subsidiary of First National Bank Holdings Limited (FNB), was launched on Wednesday evening.
Officially launching the new investment bank at a local hotel, Prime Minister Nahas Angula said it is always gratifying to see Namibian organisations broadening their horizons and supporting economic development in the country.
He believes that this is the intention with the establishment of RMB Namibia as a fullyfledged specialist financing operation in Namibia.
Angula said adv. Vekuii Rukoro, the FNB Group’s Chief Executive Officer (CEO), had worked hard to retain FNB’s market-leading position in Namibia with a variety of financial services’ solutions offered to individuals, small businesses, State-owned enterprises and multi-national corporations.
“You have always modernised your services to offer Namibians world-class solutions. I am informed that you have also successfully succeeded in localising and Namibianising your knowledge base and activities, more so than some of your competitors.
“We in the government are particularly pleased that you have listed your shares on the Namibian Stock Exchange, and I am told that the FNB Group is 41% owned by Namibians and Namibian institutions,” beamed Angula.
The Premier also said he is happy that FNB staffing is 99.9% Namibian, and the bank only has three non-Namibians out of a component of more than 1 800 people, with 64 per cent of the staff being female.
“You can still do more, of course. As the leading financial services’ group in Namibia and the one majority-owned South African banking group which has taken an active role in localising your systems, management and indeed your shareholding more than others, it is no surprise that you have taken the lead in further broadening the banking and financial sector in Namibia,” said Angula.
He said the government has been calling on the financial sector to do so for some time, and has been calling for the broadening and deepening of the sector, because the government believes that such actions accelerate economic growth, increase the efficiency of resource allocation and improves the distribution of wealth.
The PM further stated that it concerns the government that after 21 years of independence, half of the country’s population is still unbanked.
Speaking at the same occasion, Rukoro, who will also be the Board Chairperson of RMB Namibia, said to retain its leading position, FNB Namibia has developed a sound strategy that should see the FNB Group move from preferred to the most valued financial services’ partner in the country within the next three years.
“One of our approaches is to offer specialist services in selected niche markets such as agriculture, tourism and wealthcreation for high net-worth individuals, amongst others. The next such opportunity where we have not yet had a strong on-theground presence is investment banking, and up to now, Rand Merchant Bank transactors from South Africa have worked closely with FNB Namibia personnel on various transactions,” explained Rukoro.
– Nampa