FNB Namibia has agreed to acquire Pointbreak, an investment management firm offering asset management, private equity and property investment services in Namibia to the private client, corporate and institutional investment markets in an undisclosed deal.
The deal, which is subject to the approval of a number of regulators, including the Bank of Namibia, the South Africa Reserve Bank, Namfisa and the Namibian Competition Commission sees FNB acquiring 100% of the company which is owned by its executives and employees, all of whom remain committed to the long-term success of the business.
“We are excited about the enhanced customer proposition this transaction will bring to the Namibian Market,” said Sarel van Zyl, FNB Namibia’s CEO. “Innovation in the way we do business is core to our long term strategy; and will enable us to continue to deliver sustainable benefits to our staff, customers and shareholders.”
If approved the transaction will also help underpin the planned Namibian launch of Ashburton Investments, the asset management arm of FNB Namibia’s controlling shareholder, FirstRand Group. It’s expected that the company will be able to exploit a number of synergies such as selling a wider range of investment products and financial services to Pointbreak’s existing client base.
“Following the proposed transaction it should be business as usual at Pointbreak, as our clients will continue to be served by the Pointbreak team from the existing Pointbreak premises,” CEO Jospehat Mwatotole commented in an email to Africa Capital Digest last week, adding that the company would “…continue to serve its clients with uncompromising levels of personal service excellence and in the same professional, diligent and homely manner as always.”