FNB Namibia reduces its Prime Lending Rate

FNB issued the following media release:FNB Namibia is pleased to announce that its prime lending rate and home loan base rate will reduce by 75 basis points effective from 20 December 2010.

Ian Leyenaar, the Bank?s CEO, says that FNB Namibia?s decision follows the agreement reached between the Bankers Association and the Bank of Namibia that all member banks have agreed to adhere to the Bank of Namibia?s request to maintain the spread between the repo and the prime lending rate at 375 basis points.