Standard Bank Namibia announced the official transfer of an initial 10% shareholding allocation to their employees and a community trust, in line with regulatory requirements to increase local participation in the financial sector.
Capital for the self-funding empowerment transaction has been sourced through the participation of Namibian institutions. The estimated value of the localisation programme is N$300 million.
Standard Bank Namibia is a member of Standard Bank Group.
The total shareholding of 10% will be divided between current Standard Bank Namibia employees who are eligible for 8%, while the remaining 2% will be allocated to a community trust which will be established and managed by Standard Bank Namibia, with special preference to education and health amongst vulnerable local communities.
Shares will be allocated to staff through a stringent application process, using criteria such as Namibian citizenship, previously disadvantaged status and Standard Bank Namibia employment records.
Ms Pindie Nyandoro, Standard Bank Group's Regional Chief Executive for Southern and Central Africa, says: "We are delighted that the process is officially in implementation stage, demonstrating our commitment to the Namibian Financial Sector Charter and transformation in the banking sector."
In 2010, Standard Bank Namibia was a co-author and signatory to the Namibia Financial Sector Charter. The Charter provides a framework to advance localisation of the Namibian financial sector and includes elements such as the provision of inclusive financial services and skills development.
Mr Vetumbuavi Junius Mungunda, Standard Bank Namibia's Chief Executive, explains: "Standard Bank Namibia views transformation as a fundamental change process that affects every aspect of our business and is a social and economic imperative for Namibia's long-term future."
"I am most pleased that this initiative gives our staff and our broader community an opportunity to have shareholding and ownership in Standard Bank Namibia. This is one of the most effective ways to achieve financial inclusion and entrench a culture sustainable financial planning by empowering our people through share ownership," said Mungunda.
"Our approach to achieving meaningful transformation goes beyond meeting compliance targets. We want this culture to be a tangible, everyday reality for our employees, customers, stakeholders and the communities we serve," says Mr Mungunda.
Standard Bank Group facilitation of Woolworths' ground-breaking acquisition wins Deal of the Year ....
Standard Bank Arranges USD 1.25 Billion Eskom Bond Sale to International Investors