Standard Bank Namibia Awards Loyal Clients

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Standard Bank Namibia has rewarded two business groups during the bank’s 100th anniversary celebrations in Windhoek on Tuesday for being committed customers for 100 years.

The bank’s Chief Executive Officer, Vetumbuavi Mungunda, handed over awards to long standing cooperate and individual clients.

Woermann Brock and M&Z groups have been clients of the bank since it opened its first offices in Namibia in 1915.

Individuals from the bank’s Gobabis and Outjo branches also received awards for being loyal customers for 53, 57 and 60 years. A recently retired board member was also rewarded for sitting on the bank’s board for 10 years.

Standard Bank’s first branch in Namibia was in Luderitz in a two-room building rented for seven pounds a month.

‎Mungunda reflected on a century of the bank’s journey in Namibia.

“The bank started small, with three branches and less than 10 staff members in 1915,” he said. The bank now has over 1 500 employees, 50 branches, 180 ATMs and 400 000 bank accounts.

Mungunda also highlighted some of the bank’s milestones since 1915 which included becoming the first commercial bank in the country in 1978 and the first bank to open a branch in the densely-populated but undeveloped northern town of Oshakati the same year. It also became the first bank to open a branch in Katutura in Windhoek in 1980.

In November 2014, Standard Bank announced the transfer of 10% shareholding to its employees and a community trust.

“This marks a significant movement forward in empowerment in Namibia, particularly the empowerment of employes,” said Mungunda, further mentioning that the bank was the first institution to provide banking services on Sundays as from January this year.

‎Also present at the celebrations was Finance Minister Calle Schlettwein who congratulated the bank by citing a famous quote from Confucius the Chinese teacher, editor, politician, and philosopher: “If you think in terms of a year, plant a seed; if in terms of 10 years, plant trees; if in terms of 100 years, teach the people”.

The Minister gave the financial institution a pat on the back for increasing in profitability, with the latest returns indicating after-tax growth in profit of 39%, from N$170 million last year to N$235 million this year.

“This is significant, proving that regulatory requirements to abolish the most of prohibitive fees and charges such as those that were being levied on cash deposits does not severely impact on profitability,” Schlettwein said.

The Minister said the removal of such fees, which he referred to as constraints. expands business horizons.

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