34868 - Purros Investments (Pty) Ltd

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Summary of Investment Information

Project Number

34868

Company Name

STANDARD BANK NAMIBIA LIMITED

Date SPI Disclosed

Mar 11, 2015

Country

Namibia

Region

Africa

Projected Board Date

Apr 23, 2015

Environmental Category

FI-2 - Limited

Status

Completed

Last Updated Date

Jun 19, 2021

Department

Regional Industry - FIG Africa

Industry

Financial Markets

Previous Events

Approved : Apr 23, 2015
Signed : Feb 26, 2016
Invested : Apr 4, 2016

Sector

Commercial Banking - General

Project Description

IFC’s financing will be used to facilitate the partial localization of the shareholding of SBN Holdings Limited (“SBN”), the holding company of Standard Bank Namibia Limited (“the Bank”), in line with the Namibia Financial Sector Charter (2008). The transaction will partially finance the acquisition of 10% of SBN’s shares from the Standard Bank Group Limited (“SBG” or “the Group”) for the benefit of the Bank’s employees classified as historically disadvantaged Namibians. Purros Investments (Pty) Ltd (“Purros”) is a special purpose vehicle that has been set up to facilitate this transaction, and it will have no other economic activity other than to act as the holding company for the employee shares.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	14.12
Equity

Development Impact

The transaction is expected to have the following major developmental impacts:
1) Achieve Empowerment in the Namibian banking sector: The Project will enable the SBN to start the process of complying with the ownership aspects of the Namibian Financial Sector Charter and thus assist in addressing the historical socio-economic imbalances in Namibia and help to lower income disparities in the country in a transparent, sustainable manner.
2) Precedent Setting: The transaction is high profile in Namibia involving the third largest bank by assets. A well-structured BEE deal such as this one will hopefully provide a successful formula that other companies in Namibia will be able to easily replicate.
3) Developing the local capital market: The transaction is part of the process leading to the listing of the Bank to become the third listed commercial bank on the Namibia Stock Exchange.

The Project is expected to have the following additionality:
1) Stamp of approval: IFC''s participation will positively influence the perception of the market and/or public and will play the role of "honest broker".
2) Improve the investment climate: IFC''s investment, through an innovative instrument, would have a positive signaling effect to emerging market investors and would help develop and deepen the country''s capital market.
3) Environmental and social standards: IFC will help Standard Bank continue to improve and strengthen the Bank''s E&S policies.
4) Long-term partnerships: Standard Bank Group can be considered as a potential Partner in Development as the Group''s strategy which is focused on growth in Africa is perfectly aligned with the IFC''s strategy.
5) Socio-economic equality: The participation of IFC contributes to a process that will increase local ownership of Standard Bank Namibia and is aimed at addressing historical socio-economic inequalities in Namibia and helping lower income disparities in a transparent, sustainable manner.

E&S Category Rationale / Risks and Mitigation

This project has been categorized as FI-2 in accordance with IFC's Environmental and Social (E&S) Review Procedures. SB Namibia provides retail and commercial banking services to clients in Namibia. The sectors financed include manufacturing, financial services, construction and real estate, agriculture and mining. The overall portfolio risk is considered medium as the potential environmental and social risks and impacts associated these sectors are mostly limited and can be readily addressed through known mitigation measures. The applicable requirements for this project have been identified as the IFC Exclusion List, the applicable national social and environmental laws of Namibia and the Performance Standards.

Task Title & Description	Actual Due Date	Status	Comments	Completion Date
Nominate officers	05/15/2015	Completed
Other1 Amendment of ESMS ProceduresVerification of ESMS Implementation	06/30/2015	Pending

Contacts

For Inquiries About the Project, Contact

Alex Schaffrath
Corporate Development
Standard Bank | Johannesburg
+27 11 636 0391
mailto:alex.schaffrath@standardbank.co.za

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This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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