NDAMA NAKASHOLE IN GABORONE - The Vice President of Botswana Slumber Tsogwane has called on Namibian companies to form partnerships in Botswana.
Speaking at the official opening of the head office of Bank Gaborone, a Namibian owned bank in that country on Thursday evening, Tsogwane, who was acting President on that day, said that his government has facilitated an environment in which the bank can thrive the way that it has.
Bank Gaborone is owned by the Capricorn Group, a Namibian company which also owns Bank Windhoek.
“Of course, there are improvements to be made (to the business environment) and this is why public and private partnerships are very important,” he said.
The 3-story building, which was launched at a black-tie event on Thursday evening in Gaborone, is the first of its kind in Botswana and has received an A Grade Green Star status.
In his remarks during the launch, the Capricorn Group’s managing director Thinus Prinsloo said that Bank Gaborone has been a star performer in the group this year, and has posted solid results for the period ending 30 June 2018 and contributed 6% to the group’s profit after tax, compared to a 4% contribution in 2017.
A few months ago, Bank Gaborone expanded its footprint in Botswana with the opening of the Kasane branch and more expansions are planned in the next year, he said.
Bank Gaborone, a sister bank of Namibia’s Bank Windhoek has 10 branches all over Botswana.
He also informed attendants that this year in June, the group celebrated 5 years on the Namibian Stock Exchange.
“Over this period, we recorded a 96.9% growth in our share price, a compounded annual growth rate in profit after tax of 13.6%, N$1.3 billion paid out in dividends and a 130% total return per share since the listing in 2013,” he said.
During the past financial year, the group increased its shareholding in Capricorn Investment Holdings Botswana, which is the holding company of Bank Gaborone, with 15.6% to 84.3%.
“We therefore have a vested interest in the success and future growth of Bank Gaborone,” he said.
With the backing and support of Capricorn Group, the bank has been able to venture into bigger opportunities and tap into the group’s expertise and specialised resources, said Prinsloo.
The Capricorn Group is a diversified financial services group listed on the Namibian Stock Exchange with subsidiaries in Namibia, Botswana, Zambia and South Africa. Their operations are primarily focused on banking, wealth and asset management insurance, and microfinance. From its head office in Windhoek, Capricorn Group provides strategic guidance, oversight and support to its subsidiaries including Bank Gaborone.