Dos Santos’ Banco free to operate after obtaining full banking license

Banco Atlantico Namibia is the latest bank to be granted a banking licence, making it the third in recent times, following that of Trustco Bank and E Bank respectively. The announcement was made this week by the Bank of Namibia.
“The Bank of Namibia wishes to announce that a certificate of authorization to establish a banking institution in Namibia has been granted to Bank BIC Namibia Limited effective from 1 June 2016” the central bank said in a statement.
“The public is further notified that Bank BIC Namibia Limited 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 executive management team of Bank BIC Namibia Limited and hereby extends best wishes on their future endeavours in the banking sector” the central bank said.
The Bank of Namibia last year announced that Bank BIC Namibia had received its Certificate of Authorisation, paving the way for the Angolan bank to engage in banking activities, effective 01 November 2015 according to spokesperson, Ndangi Katoma.
The central bank said then, “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 01 November 2015”.
Letshego Namibia is yet to receive its banking license. Its provisional banking license however, according to Katoma ,is 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.”

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