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Banco Atlantico license approved

The Bank of Namibia this week announced that Banco Privado Atlantico Namibia had received its Certificate of Authorisation, paving the way for the Angolan bank to engage with banking activities, effective 1 November 2015 according to spokesperson, Ndangi Katoma.
Banco Privado Atlantico Namibia now becomes the third bank after Trustco Bank and Ebank to receive its Certificate of Authorisation. Releasing a statement, BoN said, “The Bank of Namibia wishes to announce that a Certificate of Authorization to establish a branch of a foreign banking institution in Namibia has been granted to Banco Privado Atlantico Europa. This Namibian Branch License is effective from 1 November 2015”.
Added Katoma, “The public is further notified that Banco Privado Atlantico Namibia is now permitted to engage in banking activities with any person in Namibia; especially soliciting deposits from the general public. In this regard, the Bank of Namibia congratulates the shareholders and management team of Banco Privado Atlantico Namibia and extends best wishes on their future endeavours in the banking sector.”
Letshego Namibia is yet to receive its banking license. Its provisional banking license however according to Katoma was still valid. Responding to the Economist he said, “the provisional licenses issued in 2014 are still valid. This is because due to the technical difficulties that were experienced in setting up such prospective banks, the applicants requested extension of such provisional licenses, which was granted by the Bank of Namibia.”
Meanwhile, the Economist reported earlier this year that an unnamed bank had approached the central bank with a view to set up operations. Said its spokesperson, Ndangi Katoma in October, “The Bank of Namibia has received another bank license application. Unfortunately, the Bank cannot divulge the name of the applicant due to the sensitive and strategic nature of such applications and will only be in position to reveal the name of the applicant when all the due diligence processes have been concluded”.

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