First National Bank (Namibia)
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First National Bank (Namibia), commonly referred to as FNB Namibia, is
Namibia Namibia (, ), officially the Republic of Namibia, is a country in Southern Africa. Its western border is the Atlantic Ocean. It shares land borders with Zambia and Angola to the north, Botswana to the east and South Africa to the south and ea ...
largest commercial bank and, according to
The Banker ''The Banker'' is an English-language monthly international financial affairs publication owned by ''The Financial Times'' Ltd. and edited in London, United Kingdom. The magazine was first published in January 1926 through founding Editor, Brend ...
magazine of London, Namibia's best bank for the fifth consecutive year. The financial institution has its headquarters located in
Windhoek Windhoek (, , ) is the capital and largest city of Namibia. It is located in central Namibia in the Khomas Highland plateau area, at around above sea level, almost exactly at the country's geographical centre. The population of Windhoek in 20 ...
Independence Avenue. It is one of the eleven commercial banks licensed to operate in the country by the Bank of Namibia (the national banking regulator) and the first
commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with cor ...
created in the country before
independence Independence is a condition of a person, nation, country, or state in which residents and population, or some portion thereof, exercise self-government, and usually sovereignty, over its territory. The opposite of independence is the statu ...
. and follows international standard in Banking and Finance.


History

FNB Namibia was founded as ''Deutsche Afrika Bank'' (DAB) in 1907, and in 1915 the
National Bank of South Africa First National Bank (FNB; af, Eerste Nasionale Bank (ENB)) is one of South Africa's " big four" banks. It is a division of FirstRand, a large financial services conglomerate, which trades on the Johannesburg Securities Exchange (JSE), under th ...
took over the assets of DAB which was in 1926 integrated with
Barclays Bank Barclays () is a British multinational universal bank, headquartered in London, England. Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services. Barclays traces ...
. Barclays Bank changed the name of the South African operation to ''Barclays National Bank Limited'' in 1971, and later to ''First National Bank of Southern Africa''. After the shareholding changed in December 1987, First National Bank of SWA/Namibia Limited was incorporated in February 1988. FNB Namibia listed on the
Namibia Stock Exchange The Namibian Stock Exchange (NSX) ( af, Namibiese Effektebeurs; german: Börse Namibia) is the only stock exchange in Namibia. Based in Windhoek, it is one of List of African stock exchanges, the largest stock exchanges on the African continent. I ...
in 1997 and is currently largest locally listed company with market capitalisation of N$ 1,9 billion or 39% of the NSX total market cap. The merger between FNB Namibia and Swabou happened in 2003.


First Rand Group

The First Rand Group was established in 1998, by the merger of First National Bank of South Africa,
Rand Merchant Bank FirstRand Limited, also referred to as FirstRand Group is the holding company of FirstRand Bank, and is a financial services provider in South Africa. It is one of the financial services providers licensed by the Reserve Bank of South Africa, ...
and Momentum Insurance & Asset Management. First Rand is listed as a "locally controlled bank" by the
South African Reserve Bank The South African Reserve Bank (SARB) is the central bank of South Africa. It was established in 1921 after Parliament passed an act, the "Currency and Bank Act of 10 August 1920", as a direct result of the abnormal monetary and financial condit ...
, the national banking regulator. , the group had total assets valued at US$90.3+ billion (ZAR:698 billion) (2011) with subsidiaries in seven sub-Saharan countries and in
Australia Australia, officially the Commonwealth of Australia, is a Sovereign state, sovereign country comprising the mainland of the Australia (continent), Australian continent, the island of Tasmania, and numerous List of islands of Australia, sma ...
and
India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
. Expansion plans in another six African countries are underway.


See also

* Bank of Namibia *
Economy of Namibia The economy of Namibia has a modern market sector, which produces most of the country's wealth, and a traditional subsistence sector. Although the majority of the population engages in subsistence agriculture and herding, Namibia has more than ...
*
List of banks in Namibia Licensed commercial banks in Namibia : # Bank Windhoek Limited # First National Bank Namibia Limited # Nedbank Namibia Limited # Standard Bank Namibia Limited # Trustco Bank Namibia Limited # Banco Atlantico # Bank BIC Namibia Limited # Le ...


References

{{Reflist


External links


First National Namibia Limited official site
Banks of Namibia Banks established in 1907 1907 establishments in German South West Africa