Standard Bank Namibia is set to list on the Namibia Stock Exchange (NSX) before the end of November, the lender’s Public Relations and Communications Manager, Isack Hamata, confirmed to the Windhoek Observer on Thursday.
Standard Bank Namibia will become the fourth bank in the country to list on the local bourse and the first since 2017 when Letshego Namibia Holdings had its Initial Public Offering (IPO).
NSX CEO Tian Bazuin declined to comment about the planned IPO telling the Windhoek Observer on Thursday that “If there is a listing a SENS (Stock Exchange News Service) and press release will give you all the information you need.”
Bazuin refused to comment on how much money the bank intends to raise through its public offering and what percentage of shares it will float.
He also declined comment on what will happen to the Standard Bank Group’s secondary listing on the exchange and the name of the sponsoring broker.
“I can’t give you any confirmation until the information is released to everybody at the same time; that’s how it works. I can’t give you any information that is not yet public. You can ask me questions as soon as it is public,” Bazuin said.
Standard Bank Namibia’s public listing comes a year after Governor Iipumbu Shiimi advised foreign-owned commercial banks to float shares on the NSX to meet local empowerment requirements.
Only NSX-listed FNB Namibia and Letshego Namibia out of the five foreign-owned banks in Namibia have fully complied with the local shareholding requirement, while Standard Bank Namibia has transferred 10 percent equity to locals following an N$300 million empowerment deal announced in 2015.
The deal created opportunities for the lender’s employees to obtain an 8 percent stake in the company, with the remaining 2 percent going to a community trust.
The Windhoek Observer reported in 2017 that the Bank of Namibia has given foreign-owned banks until the end of 2019 to comply with requirements that locals should hold at least 25 percent equity in commercial lenders operating in the country.