Summary of Proposed Investment
Project Number
9390
Company Name
Nedbank Investment Bank
Date SPI Disclosed
May 11, 2000
Country
Namibia
Industry
Financial Markets
Projected Board Date
Jun 30, 2000
Status
Completed
Sector
Capital Markets Financing Company (Including Investment Banking)
Department
Regional Industry - FIG Africa
Environmental Category
FI
Previous Events
Approved : Jan 3, 2001
Signed : Mar 22, 2001
Invested : Aug 13, 2001
Project Description
The proposed project consists of the establishment of Namibia''s first full service merchant bank offering a full range of merchant banking services including private equity, corporate finance, project finance, and asset management. Nedcor Investment Bank Holdings, a leading South African merchant bank, is the main sponsor and strategic partner of the project. NIB Holdings intends to restructure and recapitalize its current subsidiary, NIB Namibia (Pty) Limited, from an asset management company into a full service provider of merchant banking services. The objective is to create a "truly" Namibian operation based on significant Namibian equity ownership and to develop local delivery capacity through skills transfer and training.
IFC''s will assume the classic "honest broker/neutral partner" role in the project by providing considerable comfort to all parties during deal structuring and monitoring successful implementation of local capacity building and training aspects of the project. The project is expected to have a significant development impact as it will establish Namibia''s first financial institution that is able to provide a full range of merchant banking services to the Namibian market place. The latter will constitute an important step in the development of significant Namibian participation in the financial sector of this relatively young country and create local delivery capacity in an area that was previously the "imported" domain of the large South African commercial banks.
IFC''s will assume the classic "honest broker/neutral partner" role in the project by providing considerable comfort to all parties during deal structuring and monitoring successful implementation of local capacity building and training aspects of the project. The project is expected to have a significant development impact as it will establish Namibia''s first financial institution that is able to provide a full range of merchant banking services to the Namibian market place. The latter will constitute an important step in the development of significant Namibian participation in the financial sector of this relatively young country and create local delivery capacity in an area that was previously the "imported" domain of the large South African commercial banks.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Henning Amelung at hamelung@ifc.org or John Pott at jpott@ifc.org