FNB plans R425m complex in Windhoek
Windhoek – Namibia’s biggest commercial bank, FNB Namibia has announced plans to construct a R425-million headquarters in the capital, Windhoek.
Presently, FNB has four buildings in Windhoek and plans to bring all operations under one bigger complex.
FNB CEO, Ian Leyenaar, this past week, said “We believe that we have at last found a location that suits our needs of providing sufficient space for current needs and anticipated future growth; improved public access and parking; prominent market presence; increased exposure and branding opportunities along with a strong signal about the Namibian brand of our business; excellent visibility and location and an opportunity to use state-of-the-art functionality.
“At the same time the new building will offer the opportunity to improve inefficiencies and staff morale,” said Leyenaar.
FNB Namibia is the largest locally listed company on the Namibia Stock Exchange (NSX), representing almost 38 percent of the NSX’s total market capitalisation of more than R3.2b.
Leyenaar said the bank’s various units are scattered across the city, which means that efficiencies and advantages of economies of scale are not achievable, resulting in a duplication of cost structures to manage the greater business.
“We have also outgrown the current buildings from a future growth perspective,” said Leyenaar.
Namibian investors own 41 percent of FNB Namibia with the First Rand Merchant group of South Africa owning the rest. FNB employs 1 800 people.
The building will be located in the Windhoek central business district and is due for completion in the first quarter of 2015, Leyenaar said.
The building will form part of a larger precinct development know as Freedom Plaza. The first phase of the project was the construction of the Hilton Hotel, which is owned by the Namibian company, United Africa Group and operated by Hilton Hotels Group.
The hotel opened in May 2011 and was built at a cost of R300m and is the first five-star hotel in Namibia.