First National Bank of Namibia
The First National Bank of Namibia (FNB Namibia) wins the award following another impressive performance in 2002 that was helped by a successful merger with a local peer.
The bank raised net profit above the 100%-mark once again last year and achieved an ROE of 26.3%. It also had double-digit increases in assets and Tier 1 capital.
In 2002, FNB Namibia merged with Swabou Holdings, whose considerable banking and insurance assets enabled the bank to increase substantially its share of the total Namibian market. The merger also increased FNB Namibia’s proximity to the local population for two reasons: it reduced foreign ownership of the bank to 55% from 78%; it became the first in the country to appoint a native Namiban as its chief executive.
Commenting on the merger, Lazarus Ipangelwa, the bank’s new CEO, said: “The combination of significant market share and economies of scale collectively ensure that FNB Namibia will continue to deliver exceptional returns to its shareholders and greater wealth creation opportunities for Namibia’s citizen.”
