Windhoek - Namibian investment management company Pointbreak announced on Thursday that it had acquired a majority shareholding of EBank Holdings from its South African partner TYME.
“TYME (Take Your Money Everywhere) is a leading banking technology provider and Pointbreak's original partner in the establishment of Namibia's EBank in 2013,” the company said.
“This acquisition of 38.3 percent from TYME was approved by the Namibian Competition Commission and the Bank of Namibia (Reserve Bank). It follows the recent 100 percent acquisition of TYME by Commonwealth Bank of Australia,” Pointbreak said.
EBank chief executive Mike Mukete said: “Our positive and ongoing relationship with TYME has been cemented in a long-term master service agreement, which provides for sustainable product development capabilities as well as key technological support.”
Following the transaction, Namibia's Pointbreak will own 77.5 percent in EBank, with the remaining 22.5 percent held by individual Namibian shareholders. These include businesswoman Monica Geingos, Namibia's first lady from next month, former NedBank Namibia CEO Martin Shipanga, and EBank management and staff.
EBank was founded in August 2013, received its banking licence in May 2014 and started operations on November 1, 2014.
Sapa