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Bank BIC gets nod from BoN

In less than three months of issuing two provisional banking licences to Letshego Bank Namibia Limited and Banco Privado Atlantico Europa, the Bank of Namibia (BoN) recently announced that it has granted provisional authorization to yet again another bank.
Bank BIC Namibia Limited, originally from Angola, was recently given the nod to conduct business as a banking institution in Namibia.
Banco BIC is Angola’s biggest private bank by branches and its strategy is based on building a wide presence across the country to benefit when investment in non-oil sectors like farming starts to deliver growth in regions outside the capital, Luanda.
The central bank’s Director of Strategic Communication and Financial Sector Development Ndangi Katoma said the provisional authorisation to Bank BIC Namibia Limited was effective from 3 October 2014 for a period of six months.

“After this period, the Bank may issue a certificate of authorization to this entity to conduct banking business, provided that it satisfactorily fulfils the readiness requirements before commencing with banking operations,” he added.
“The public is further notified that during the six-month provisional license period, Bank BIC Namibia Limited is not allowed to engage in banking activities with any person in Namibia, especially soliciting deposits from members of the public until such time that the Bank of Namibia issues a certificate of authorization,” he said.

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