All regulatory requirements for FNB Namibia Holdings to acquire 100% of Pointbreak and EBank, have been met successfully and approval for the deal has been granted by Namfisa, Bank of Namibia, Competition Commission and SARB. The transaction will therefore be effected at the end of March 2017.
Pointbreak, a Namibian financial services group, provides investment management and wealth management services to the private, corporate and institutional markets, managing in excess of N$8.5 billion of third party capital.
EBank delivers innovative inclusive banking to its clients, many of whom are in rural areas with little access to banking services.
The acquisition of Pointbreak will enhance the investment know-how and local wealth management capability of FNB, while Pointbreak’s long standing client focused approach aligns well to FNB’s vision of leading the premium banking space in Namibia.
The transaction will further complement the intended launch of Ashburton Investments in Namibia. Clients of Pointbreak will therefore receive access to the wider range of investment products and financial services offered by FirstRand, as well as continue to receive the expert advice and support of Pointbreak’s Namibian team.
EBank and FNB have a similar vision of achieving inclusive and broad-based banking in Namibia, primarily utilising technology and cell phone banking capabilities. The partnership will eventually enable the activation of FNB’s eWallet to EBank’s client base, with the ultimate goal of providing convenient and affordable banking services to all Namibians, even in areas that cannot be serviced through a branch network.
As part of the transaction, the insurance book of Namsure Insurance Brokers, a subsidiary of Pointbreak, will be acquired by FNB Insurance Brokers.