FirstRand Namibia – Windhoek Observer

20 May

Construction sector performance down 11.8% in 2020

ObserverUncategorisedCovid-19, FirstRand Namibia, FirstRand Namibia Economist Ruusa Nandago

Staff writer The country’s construction sector contracted by 11.8 percent during 2020 as activity in this sector declined severely owing to the Covid-19 pandemic, FirstRand Namibia Economist Ruusa Nandago has said. According to the Nandango, the construction sector contracted by 11.8 percent during 2020 as activity in this sector declined severely owing to the Covid-19 pandemic. “The decline was mainly reflected in reduced expenditure by the government on civil engineering works. This was a result of the redirection of funds from the development budget towards Covid-19 related expenditure. Several private sector projects were also delayed during this period owing to…

06 Mar

Forward-looking Females in Finance

ObserverObserver MoneyFirstRand Namibia, Michelle van Wyk - Erlank, Selma Kapeng

Michelle van Wyk - Erlank recently handed over the reigns as Treasurer of the FirstRand Namibia group to Selma Kapeng. Michelle decided to scale down after 22 years, of which the last 10 years were in this role. She will be focussing on strategic initiatives going forward. Selma, who has been Head of Global Markets at RMB Namibia for the past six years, takes over this exciting role in an exciting time. Both women are passionate about markets and economic development. Herewith their thoughts on the role of Treasury in a bank and sustainable solutions for the greater good. When…

15 Oct

Unpacking the impact of Covid-19 on the Namibian economy

ObserverUncategorisedCovid-19, FirstRand Namibia, World Health Organisation

Ruusa Nandago After the first outbreak was reported in December 2019, the World Health Organisation officially characterised Covid-19 as a pandemic on 11 March 2020. This pandemic is a crisis like no other, and there was a substantial degree of uncertainty around its impacts on lives and livelihoods. Governments across the world essentially had to navigate the crisis with a blindfold on, implementing lockdowns and containment measures of varying degrees without any indication of their effectiveness. The economic and market data that has since been released shows that these measures have had devastating and far reaching effects and have pushed…

12 Sep

FirstRand Namibia profit down 23.7 percent

ObserverUncategorisedFirstRand Namibia, FirstRand Namibia Chief Financial Officer Oscar Capelao

Staff Writer FirstRand Namibia released its financial results for the year ending 30 June 2020 where its profit before tax decreased by 23.7 percent to N$1.21 billion compared to N$1.58 billion recorded prior year. “FirstRand Namibia entered this crisis in a position of strength in terms of capital, liquidity, technology and, importantly, talent. Considering the repo rate and prime rate reduction during the reporting period of 275bps, net interest income remained flat, N$2 013.4 million (2019: N$2 012.2 million). Interest expense decreased by 0.4 percent while interest income decreased by 0.2 percent,” FirstRand Namibia Chief Financial Officer Oscar Capelao said.…

04 Aug

Philip Chapman appointed new RMB CEO …as Selma Kapeng takes up Group Treasurer post

ObserverUncategorisedFirstRand Namibia, RMB Namibia

Staff Writer Philip Chapman has been appointed as the new CEO of RMB Namibia replacing Conrad Dempsey who was appointed FirstRand Namibia Group CEO Designate effective 1 July 2020 , takeover reigns from Sarel van Zyl who retires on 30 September 2020. Chapman as part of his appointment which is subject to regulatory approval , will also serve on the FirstRand Namibia Executive Committee. Chapman previously headed up RMB Corporate Credit in Namibia, and was also RMB Credit co-head regionally and most recently headed FNB Commercial and Business Banking. “With Phillip’s experience both in RMB and FNB Commercial we look…

17 Jul

Local companies lose N$6.5 billion on NSX

ObserverObserver MoneyCapricorn Group, FirstRand Namibia, Namibia, Namibian Breweries

Staff Writer Capricorn Group, FirstRand Namibia, Namibian Breweries lost a combined N$6.5 billion in value after the counters recorded massive loses on Thursday’s trade on the Namibian Stock Exchange (NSX). The biggest loser was FirstRand Namibia which shed a massive N$2.9 billion in value, closing Thursday trade with a market capitalization of N$5.3 billion, down 35.37 percent. Diversified financial services group, Capricorn Group, the owners of Bank Windhoek shed N$1.8 billion in value, closing Thursday trade with a market capitalization of N$5.3 billion, down 25 percent. Ohlthaver & List Group controlled Namibian Breweries’ market capitalization plummeted 25,35 percent, down N$1.8…

26 Jun

Bag of Hope Initiative hands over donations

ObserverObserver MoneyCovid-19, FirstRand Namibia, HOPE, RMB Namibia

Staff Writer RMB Namibia, through the HOPE initiative of FirstRand Namibia, recently handed over N$166 000 consisting of N$60 000 worth of maize, N$24 800 of pasta, N$26 400 of Weetbix, N$40 200 of cornflakes, N$4 300 of juice, and N$11 000 worth of soup packets to vulnerable families impacted by the COVID-19 pandemic. FirstRand Namibia established the ‘Bag of Hope’ initiative under their HOPE Fund in April 2020 and partnered with Bokomo Namibia and Co-Feed Namibia to feed the needy and the most vulnerable families in Namibia, whose impoverished situation has been exacerbated by COVID-19. Through the Bag of…

21 May

Dempsey takes over as FirstRand Namibia Group CEO

ObserverUncategorisedConrad Dempsey, FirstRand Namibia, RMB Namibia

Staff Writer RMB Namibia Chief Executive Officer, Conrad Dempsey has been appointed FirstRand Namibia Group CEO Designate effective 1 July 2020 and will officially takeover reigns from Sarel van Zyl who retires on 30 September 2020. “He brings a wealth of work experience from around the world as well as Africa and successfully has led and developed RMB into the most successful Corporate and Investment Bank in Namibia. He has an incredibly deep understanding of the group’s businesses and our culture and I know he will take FirstRand to even greater heights”, said Van Zyl. “We have developed a strong…