Angola's BIC gets banking licence to operate in Namibia

Oct 13, 2014

The Bank of Namibia has granted a provisional authorisation to Angolan group BIC Bank to operate as a banking institution in Namibia.

The Bank of Namibia has granted a provisional authorisation to Angolan group BIC Bank to operate as a banking institution in Namibia.

Central bank spokesperson Ndangi Katoma said the provisional authorisation is valid from October for a period of six months, the Namibian reports.

"After this period, the bank may issue a certificate of authorisation to this entity to conduct banking business, provided that it satisfactorily fulfils the readiness requirements before commencing with banking operations," he added.

He stressed that during the six-month period, BIC Bank will not be allowed to engage in banking activities, especially soliciting deposits.

BIC Bank was established in Angola in 2005 and is the country's largest bank, with more than 200 branches across the country. Africa's richest woman, Isabel dos Santos, owns 42,5 per cent of the institution, according to Forbes.

Namibia has one of the most developed financial systems in Africa. The African Development Bank's African Economic Outlook report 2014 states that the proportion of the financially excluded population fell from 51 per cent in 2007 to 31 per cent in 2011.ADNFCR-2976-ID-801753852-ADNFCR