First_National_Bank_(Namibia)

First National Bank (Namibia)

First National Bank (Namibia)

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First National Bank Namibia (FNB Namibia) is Namibia's largest commercial bank and, according to The Banker magazine, Namibia's best performing bank for the fifth consecutive year.[4]

Quick Facts Company type, Traded as ...

The bank is headquartered in Windhoek's Independence Avenue. It is one of the eleven commercial banks licensed to operate in the country[5] by the Bank of Namibia (BoN),[6][7] and the first commercial bank created in the country before independence.[8]

History

FNB Namibia was founded as Deutsche Afrika Bank (DAB) in 1907, and in 1915 the National Bank of South Africa took over the assets of DAB which was in 1926 integrated with Barclays Bank. Barclays Bank changed the name of the South African operation to Barclays National Bank Limited in 1971, and later to First National Bank of Southern Africa. After the shareholding changed in December 1987, First National Bank of Namibia Limited was incorporated in February 1988. FNB Namibia was listed on the Namibia Stock Exchange in 1997 and is currently the largest locally listed company with market capitalisation of N$ 1,9 billion or 39% of the NSX total market cap. The merger between FNB Namibia and Swabou happened in 2003.[9]

First Rand Group

The First Rand Group was established in 1998, by the merger of First National Bank of South Africa, Rand Merchant Bank and Momentum Insurance & Asset Management. First Rand is listed as a "locally controlled bank" by the South African Reserve Bank, the national banking regulator.[10] As of May 2012, the group had total assets valued at US$90.3+ billion (ZAR:698 billion) (2011)[11] with subsidiaries in seven sub-Saharan countries and in Australia and India. Expansion plans in another six African countries are underway.[citation needed]

See also

References

  1. [1]
    "Listed Companies | Namibian Stock Exchange". Nsx.com.na. Retrieved 2016-09-27.
  2. [2]
    "Home - First National Bank - FNB". Fnbnamibia.com.na. 2014-09-14. Retrieved 2016-09-27.
  3. [3]
    Key people: Son, Hugh (August 20, 2011). "BofA expects 3,500 job cuts". The News Journal. New Castle, DE: Gannett. Retrieved August 20, 2011.
  4. [4]
    "Five consecutive years FNB is best bank in Namibia - News - FNB". Fnbnamibia.com.na. Retrieved 27 September 2016.
  5. [5]
    Heita, Desie (1 September 2009). "Big four banks not scared of competition". New Era.
  6. [6]
    Heita, Desie (4 August 2009). "Micro Finance Banking Sparks Need for Regulation". New Era.
  7. [7]
    Alkatib, Sukaynah (September 2009). "Lifeline for the". Insight Namibia.
  8. [8]
    Mach, Marco (5 August 2009). "Mikrofinanzbank erhält Lizenz". Allgemeine Zeitung (in German).
  9. [9]
    "About Us - About FNB - FNB". Fnbnamibia.com.na. 2014-09-14. Retrieved 2016-09-27.
  10. [10]
    "South African Registered Banks and Representative Offices - South African Reserve Bank". www.resbank.co.za. Archived from the original on 2017-08-17. Retrieved 2017-08-17.
  11. [11]
    "30 June 2011 Group Financial Statement". Archived from the original on 27 September 2016. Retrieved 10 August 2014.
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