Standard Bank employees get shares
Between 1400 and 1500 employees of Standard Bank Namibia will have to share the 10% shareholding that was allocated to a staff shareholding scheme following a funding agreement signed earlier this year when the International Financial Corporation (IFC) disbursed a multi-million dollar facility to Purros Investments to facilitate the deal.
Standard Bank’s Chief Executive, Vetumbuavi Mungunda, said the transaction will address the historical inequalities and create new opportunities in a sustainable manner.
“We did not give shares to employees only, but there are two percent shares that have been provided to the community trust,” said Mungunda. The community trust will look into the different communities that need assistance helping the less privileged in areas like education, health and housing.
The bank, as signatory to the Namibian Financial Sector Strategy has committed to a broad measure of targets, which include a 25% shareholding by Namibian Broad-based Economic Empowerment beneficiaries by 31 December 2019. The bank remains committed to this undertaking.
Mungunda explained: “Standard Bank Namibia views transformation as a fundamental change process that affects every aspect of our business and is a social and economic imperative for Namibia’s long-term future.”
“Our approach to achieving meaningful transformation goes beyond meeting compliance targets. We want this culture to be a tangible, everyday reality for our employees, customers, stakeholders and the communities we serve,” he said