New commercial bank, Banco Atlatico welcomed

Deputy Minister of Finance, Hon. Natangwe Iithete this week welcomed new kid on the block, Banco Atlantico Namibia this week in the capital. Following the approval of its license recently, Banco Atlantico now becomes the 7th commercial bank.
Speaking at the occasion, Iithete said, “The entry of commercial banks into the Namibian financial market landscape resonates well with the sector policy intention to inject greater participation and competition in the banking industry.”
He added, “it also displays a vote of confidence in Namibia’s financial sector, economic growth prospects and business environment. We are witnessing, here today, the birth of a new player in the banking sector, the entry of Bank BIC on the scene increases the number of deposit taking commercial banks from the current seven to eight, and adds to a healthy competition in the banking industry. Bank BIC is entering this environment from a vantage point of demonstrated experience of serving market segment that are often under-served. It can improve the Namibian savings environment, by increasing competition in the rates offered to savers and by creating more branch locations across the country.”
Reading Schlettwein’s speech, Iithete underscored the importance of Small-Medium-enterprises and implored Bank BIC to make use of the opportunity to finance entrepreneurs at the grass roots level. “Under the Harambee Prosperity Plan, we have endeavoured to increase the proportion of Small-Medium Enterprises with access to finance from 22% to 50% by 50%.
Bank BIC board chairperson Fernando Teles, speaking through an intepreter paved the way for Bank BIC to operate in Namibia and thanked the Bank of Namibia and the Ministry of Finance.