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History
Founded in 1973 as Die Bank van Suidwes-Afrika or Swabank to serve local communities, the bank recorded a modest profit in its first year. Sustained effort and commitment to clients has seen the bank grow over the past 31 years. Today, the bank employs over 380 people and net income before tax rose 37,9% from N$85,7 million to N$118,2 million for FY2003. The bank’s steady growth has been recorded against an intensely turbulent period in Namibia’s history as it made the transition from South African control to an independent, democratic country.
Timeline
2004
Martin Shipanga is the first Namibian since 1982 to become managing director of the bank. Nedbank Namibia Ltd. is renamed Nedbank Namibia and becomes part of a leading southern African banking group.
2003
Nedbank increases its interest in Nedbank Namibia Ltd. from 47.3% to 93.26% in a deal worth N$229 million, by buying out remaining European shareholders.
2002
Second social report published. The Go Green fund, initially revolving around the bank's home loan product, exceeds all initial fundraising expectations.
2001
Nedbank becomes managing shareholder. BNP Paribas remains majority shareholder. Go Green, a non-profit fund, established by the bank in aid of environmental conservation. It is the first corporate green funding initiative in Namibia, designed to raise awareness among Namibians of the vital need to conserve the country's precious natural heritage.
2000
Corporate service centre opens to cater for bulk deposits and withdrawals with secure drive-in tellers. Publishes maiden social investment report, another first in the country.
1999
Fraud awareness campaign proves most successful. Money market investment account introduced. Customer service unit formed.
1998
The bank celebrates its 25th anniversary. Nedbank Namibia Ltd. pioneers the relationship banking concept in Namibia.
1997
The bank records net profit of N$17 million, and operates 10 branches with over 300 staff members.
1996
Launch of Service Plus, Namibia’s first telephonic service hotline in the banking industry. Social Investment Fund launched.
1995
Branches open in Oshakati and Hidas Centre (Klein Windhoek). Assets pass the N$1 billion mark.
1994
Technology upgrades enable the introduction of ATM cards. Lüderitz branch opens.
1993
Nedbank Namibia Ltd. merges with Namibian Banking Corporation. Nedbank becomes shareholder. The Namibia dollar is introduced.
1992
The bank plays important role in the development and launch of the new Namibian Stock Exchange. Corporate banking division established.
1990
European banking consortium, SFOM, acquires majority shareholding. Consortium includes Banque Nationale de Paris, Banque Bruxelles Lambert and Dresdner Bank. Namibia becomes sovereign state and joins UN, World Bank, IMF and Organisation of African Unity.
1989
Bank changes name to Bank of Namibia but is forced to cede the name to the new central bank of Namibia just months later. The bank adopts the name Nedbank Namibia Ltd. as Namibian vote for their independence.
1982
Foreign exchange services introduced, along with cheque accounts.
1980
Dresdner Bank AG acquires a leading interest in Swabank and a new board of directors is appointed. Commercial banking facilities introduced. New branch opens in Johannesburg.
1979
Cape Town branch opens on 1 September. Bank’s name changes to The Bank of Southwest Africa/Namibia.
1977
Swakopmund branch opens on 1 September as negotiations for Namibia’s independence gain momentum.
1976
Bank buys building in Dr Frans Indongo Street on auction. It has remained Nedbank Namibia headquarters ever since.
1975
Walvis Bay branch opens on 3 March. Net income after tax is R80 000.
1973
The Bank of South West Africa (Swabank) is incorporated on 12 April. Doors open on 1 July in Windhoek and Johannesburg. Three months later, branches open in Keetmanshoop and Otjiwarongo. The first annual report records a profit of R12 000.
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