Absa sells stake in Capricorn Investment Holdings

The Group's investment in CIH no longer falls in line with its wider African strategy owing to CIHs planned regional expansion programme. CIH owns 100% of Bank Windhoek Limited.

Absa's involvement with CIH dates back to the days of Volkskas Bank in Namibia, specifically when Volkskas Bank acquired its shareholding in Bank Windhoek in 1982. Volkskas Bank became part of Absa in 1991.

As part of the sale agreement, Absa retains a pre-emptive right on the majority stake in CIH held by Bank Windhoek Beherend Limited.

Jacques Schindehtte, Absa Group executive director, says co-operation between CIH, Absa and Bank Windhoek will continue as and when opportunities arise in areas such as structured finance, syndication of large and complex corporate finance transactions, and settlement accounts.

Absa remains committed to supporting its customers operating in Namibia and to becoming the pre-eminent bank in Africa.