SBN allocates 10 per cent to shareholders
10 Nov 2014 11:20am
WINDHOEK, 10 NOV (NAMPA) Standard Bank Namibia (SBN) has transferred its 10 per cent shareholding allocation to their employees and a community trust to be established by the bank.
Standard Bank Namibias Manager for Public Relations and Corporate Communications, Surihe Gaomas-Guchu, announced this in a media statement issued here on Friday.
She said the shareholding allocation to employees and a community trust is in line with provisions of the banking regulatory authority, aimed at increasing local participation in the financial sector.
Gaomas-Guchu said the capital for the empowerment transaction has been sourced through the participation of Namibian institutions and it estimated at the value of N.dollars 300 million.
She explained that the total shareholding of 10 per cent will be divided between current SBN employees who are eligible for eight per cent, while the remaining two per cent will be allocated to a community trust which will be established and managed by SBN. The trust will give special preference to education and health issues amongst vulnerable members of the community.
The shares will be allocated to staff through a stringent application process, using criteria such as Namibian citizenship, previously disadvantaged status and SBN employment records, she said.
SBNs Chief Executive Officer (CEO),Junius Mungunda said Standard Bank views transformation as a fundamental change process that affects every aspect of the business and is a social and economic imperative for Namibias 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 of sustainable financial planning by empowering our people through share ownership, Mungunda said.