November 15, 2019 / 12:43 PM / a month ago

Standard Bank lists Namibian arm on local bourse

WINDHOEK, Nov 15 (Reuters) - The Namibian arm of South Africa’s Standard Bank listed on the Namibian stock exchange on Friday, following an initial public offering (IPO) that was 1.98 times oversubscribed.

Standard Bank, South Africa’s biggest bank by assets, raised 722 million Namibian dollars ($49 million) through the IPO, saying the listing would allow it to deepen Namibian ownership in the group.

Standard Bank Group Limited remains the controlling shareholder of SBN Holdings following the flotation of a 25.1% stake.

The bank said it aimed to use the listing to make strategic acquisitions, broaden ownership by previously disadvantaged individuals, and increase access to capital to facilitate diversification and expansion.

$1 = 14.8511 Namibian dollars Reporting by Nyasha Nyaungwa; Editing by Mark Potter

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