Angola’s Bank BIC S.A has received approval from the Namibian Competition Commission (NaCC) to proceed with its planned acquisition of Bank BIC Namibia Holdings Limited and its subsidiary Bank BIC Namibia Limited for an undisclosed amount.
Bank BIC S.A plans to acquire a 95% interest in Bank BIC Namibia Holdings Limited and in turn 5% in Bank BIC Namibia Limited.
On implementation of the proposed transaction, Bank BIC Namibia Holdings Limited will become a wholly owned subsidiary of the Bank BIC S.A.
“The proposed transaction is an indirect change in shareholding which appear to be a reorganisation and restructuring of the merging parties. The transaction will not result in the prevention or substantial lessening of competition or in any undertaking acquiring or strengthening a dominant position and does not raise any public interest concerns,” the NaCC said in its competition analysis.
In terms of public Interest, the NaCC found that the proposed merger is unlikely to have a negative impact on employment.
‘Further, the merger does not raise any other public interest concerns.”
The competition watchdog said the proposed merger is unlikely to result in the prevention or substantial lessening of competition or in any undertaking acquiring or strengthening a dominant position and does not raise any public interest concerns.
“Therefore, the transaction was approved without conditions,” the NaCC said.
Bank BIC S.A does not conduct any business activities in Namibia is an Angolan registered banking institution providing banking services with more than 220 branches across the country, and is the 5th largest bank in the neighbouring country by way of total assets.
Bank BIC Namibia Limited is a registered Namibian banking institution that provides banking services.
