FNB Namibia to Acquire EBank and Pointbreak

October 31, 2016

On October 18, 2016, FNB Namibia announced an agreement to acquire 100% of EBank and Pointbreak.

Under the terms of the agreement, Pointbreak Group (“Pointbreak”) clients will have access to financial services and investment products offered by FirstRand, the controlling shareholder of FNB Namibia Ltd. (“FNB Namibia”). The transaction is subject to regulatory approval from the Bank of Namibia, Namfisa, the South African Reserve Bank, and the Namibian Competition Commission, among others.

FNB Namibia is a Namibia-based full service bank offering services to individuals, while its affiliates FNB Business and RMB Namibia provide services for enterprises.

Pointbreak is a Namibian financial services group that provides wealth and investment management services to private, corporate, and institutional markets. As of October 18, Pointbreak had managed an excess of N$8 billion of third party capital.

EBank Limited (“EBank”) provides electronic, inclusive banking services to clients.

To read the press release: please click here.


Categories

Investment Manager M&A, Transactions