Africa’s Richest Woman Makes Moves Into Namibian Banking

Africa’s richest woman, Isabel dos Santos, has said she will spread her banking empire to Namibia, after a banking licence was given to her by the country’s central bank.

Isabel Dos-Santos
Isabel Dos-Santos

Bank of Namibia spokesperson Ndangi Katoma said the bank had granted provisional authorisation to Bank BIC Namibia Limited to conduct business as a banking institution in Namibia.

Bank BIC Namibia Limited is a subsidiary of Angolan Bank Banco BIC, which is 42.5-per cent owned by Africa’s first woman billionaire, the daughter of Angolan President Jose Eduardo dos Santos.

Isabel dos Santos, is reported by Forbes to worth $3 billion.

But Katoma warned that Bank BIC Namibia would not be allowed to engage in banking activities with any person in Namibia just yet, “especially soliciting deposits.”

The Bank of Namibia must first issue a certificate of authorisation. Angolan Bank Banco BIC is one of Angola’s biggest banks, with an estimated 200 branches across the country.

Portuguese newspaper, Publico reported last week that Isabel dos Santos had increased her stake in Angolan Bank Banco BIC by 25 per cent to 42.5 per cent.

Namibia’s banking sector is currently dominated by South African three subsidiaries First National Bank, Standard Bank, Nedbank, as well as Bank Windhoek.

 

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