Letshego, Banco Get Banking Licences

THE Bank of Namibia announced yesterday that it has granted a provisional licence to Letshego Bank Namibia Limited for authorisation to establish a banking institution in Namibia.

Portugal-based Banco Privado Atlantico Europa, SA has also been awarded a provisional licence to establish a branch in Namibia.

“The provisional licenses for authorisation are effectively valid for a period of six months from the effective date of 15 July 2014. After this period, the bank may issue a certificate of authorisation to these entities to conduct banking business, provided that they satisfactorily fulfilled the readiness requirements before commencing with banking operations,” central bank spokesman, Ndangi Katoma said.

He said during the six month provisional authorisation period, neither Letshego Bank Namibia Limited nor the Namibian based branch of Banco Privado Atlantico Europa is allowed to engage in formal banking activities, especially soliciting deposits until such time that the Bank of Namibia issue them with certificate of authorisation.

Source : The Namibian