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FirstRand's Namibia unit gets approval to buy money manager
March 24, 2017 / 1:51 PM / 8 months ago

FirstRand's Namibia unit gets approval to buy money manager

WINDHOEK, March 24 (Reuters) - 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 million)under management.

Other EBank shareholders include Namibia’s first lady, Monica Geingos.

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

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