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FNB names new CFO

Tue, 25 September 2012 15:18
by Villager Writer
News Flash


The Bank of Namibia has announced the appointment of Oscar Capelo as the Bank’s new Chief Financial Officer.
This comes at a time when the bank’s financial status has been improving despite uncertainities in the banking sector elsewhere because of capitalisation constrains in Europe.
The position fell vacant recently following the retirement of their former CFO who had his appointment announced two weeks ago when the bank announced a comprehensive set of financial results.
Capelo a Chartered Account registered with ICAN in Namibia and SAICA in South Africa, with a BCompt degree from UNISA and BCom Hons (Accounting) from UKZN has been in the banks ranks since 2006 heading as a Treasury Finance Manager.
In a press statement the bank said, “It has become accepted best practice in leading companies that the CFO’s role is about more than extracting financial data and providing historical analysis. Instead, the function has been elevated to that of the business’s trusted strategic advisor and partner, assisting with strategic decision-making and ensuring sustainable growth of the business. My team and I at Financial Accounting Services look forward to continue being the valued supporting partner of our client facing business units to ensure that the Group executes its strategy successfully.”
 He is currently busy with an MBA at the Stellenbosch Business School.
While at FNB Capelo rose through the ranks to the position of Group Finance Manager in 2008, a position he held till his latest appointment as the CFO.
Although the position comes with challenges the CFO is expected to steer the financial institution’s bid for growth and also intended investment in infrastructure development which FNB recently announced will form a core of their outside banking business going forward.