SBN celebrates 100 years

Standard Bank Namibia (SNB) celebrated 100 years of service showing appreciation to their customers and adding that Central banking means that they have been part and parcel of making a difference in lives of Namibians.

Jacquiline Pack, SNB’s Head of Marketing said the bank, in marking the centennial jubilation of their banking service that standing “the test of time for the past 100 years”, to which they recently held a 100 years street parade in the city centre and delighted customers with cupcakes at its branches countrywide.

“The purpose of the street parade and sweet delights for our walk-in customers at the branches is to show our appreciation to them for standing us and join in celebrating this milestone event,” added Pack.

With all the funfair of blue and white balloons, the chants of moving forward and the energizing sounds of the Namibian Defence Force Brass Band, hundreds of Standard Bank employees walked down Independence Avenue from Ausspannplatz to Windhoek Branch in the city centre.

“We plan many exciting celebratory events and activities that will involve employees, customers and other important stakeholders. Please join us as we move you forward” she added.

2015 marks the year that Standard Bank Namibia turns 100 years old. The bank continues to celebrate the successes of its people, the industry, its customers and the country who have SBN celebrates 100 years contributed to what it is today.

In July this year SNB signed a Recognition and Procedural Agreement with the Bank Workers Union of Namibia (BAWON) in Windhoek.

This agreement serves to establish and maintain an orderly collective bargaining relationship between SNB Limited and its employees, represented by BAWON.

The Villager earlier reported that Standard bank’s margin improvement of 60 basis points resulted mainly from improved liquidity management and enhanced risk-adjusted pricing levels with customers.

SBN distributed a total income growth by 18.3%, with net interest income (NII) increasing by 28.9% primarily due to 18.9% increase in loans and advances to customers, driven mainly by growth in high quality Corporate & Investment Banking (CIB) assets.

SBN also recorded residential mortgages growth of 7.9% with an increase in value of new business partly offset by a higher prepayment rate, while 13.9% growth was achieved in vehicle and asset finance.

Gross loans and advances to customers grew by 18.9%. The growth in the remainder of 2015 and over the next two years is expected to be driven mainly by the construction, infrastructure sectors and public works programmes.

They have seen continuing stability in IT environment, strengthening their balance sheet and continued to strive for operational efficiency through increased digitisation and integration of the universal banking model.

Standard bank has also decided to up their prime lending rate from 9.25% to 9.50% following the decision by the Bank of Namibia to increase its repo rate by 25 basis points from 5.50% to 9.5%.

SNB indicated that home loan base rate will increase from 10.25% to 10.50%, while the vehicle and asset finance rates will continue to be linked to the prime lending rate and re-priced accordingly.