FNB Namibia Holdings Ltd. concluded talks to completely acquire financial services firms Pointbreak and EBank, subject to regulatory approvals.
Pointbreak is a Namibian investment and wealth management service provider to the private, corporate and institutional markets, and manages more than 8 billion Namibian dollars of third-party capital. Ebank serves clients in rural areas with little access to banking services.
The transaction will complement FNB Namibia Holdings' intentions to apply for an operating license to register FirstRand Ltd. asset management unit Ashburton Investments in the country.
The regulatory authorities that still need to approve the deal include the Bank of Namibia, Namfisa, the Namibian Competition Commission and the South African Reserve Bank.
FNB Namibia Holdings is majority owned by South Africa-based FirstRand. It is the parent company of First National Bank of Namibia Ltd.