Bank Windhoek to raise more capital
Namibia’s largest bank by market capitalisation will be raising more capital in the next three months.
This was revealed by its head of treasury Claire Hobbs this week to the Economist. Bank Windhoek raised close to N$500 million in bond listings last week. Said Claire Hobbs, “This successful issuance once again demonstrates the interest shown by investors in Namibian banks, most especially Bank Windhoek, which has no physical footprint outside Namibian borders. By exposing new investors to Namibian assets we hope to encourage additional capital inflows into our market. The longer term duration is beneficial to the bank as it provides stable funding as required under the various regulations the banks need to comply with.” According to her, Bank Windhoek received bids totalling N$1 billion. “This new ZAR issue was to ensure we maintain a regular presence with our South African investors, while also accessing a market that is more liquid than our own. The R479 million raised is an inflow of funds into Namibia and provides capacity for further growth in our market. Our intention is to diversify our funding by issuing in Namibia and South Africa as and when favourable opportunities arise,” she said. “Bank Windhoek would like to thank Investec Bank and PSG Capital in South Africa for their assistance in making the auction a success,” concluded Hobbs.