WINDHOEK, March 24 South Africa bank FirstRand's
Namibian unit has secured regulatory approval to buy
out a fund manager, it said on Friday, as part of the lender's
stated plan to bulk up in the southern African nation.
FNB Namibia has not disclosed how much it is paying
for Pointbreak, which also owns a majority stake in lender Ebank
and has more than 8 billion Namibian dollars ($641.28
Other EBank shareholders include Namibia's first lady,
The deal is part of FirstRand's cautious expansion elsewhere
in Africa and coincides with the planned launch in Namibia of
its asset management business, Ashburton Investments.
($1 = 12.4750 Namibian dollars)
(Reporting by Nyasha Nyaungwa; Editing by Tiisetso Motsoeneng
and Susan Thomas)