N$130m lifeline for loss-making Bank BIC

Bank BIC Namibia says it is confident of turning a profit following a N$130 million capital injection in December 2024, despite having committed to achieving profitability in 2023, as pledged by its now-retired MD, Lindsay Crawford.BIC Namibia, a subsidiary of Angolan lender Banco BIC SA, launched operations in 2016 as part of its parent company’s aggressive regional expansion strategy. Targeting retail and corporate banking amid Namibia's demand for diversified financial services, the bank has faced fierce competition from established players, alongside economic headwinds in the mining and agriculture sectors.These pressures, compounded by high setup costs and regulatory hurdles, have resulted in accumulated losses totalling N$218 million since inception. The Namibian Sun previously reported that shareholders, led by Banco BIC Angola SA, have injected over N$600 million to date, highlighting their long-term commitment despite the bank's lack of profitability.Despite these challenges, the bank's financial trajectory shows positive signs. Shareholders have reaffirmed their confidence through the recent N$130 million infusion, with additional capital expected in 2026 and 2027 to support expansion."Our financial fundamentals remain solid. We have a clear roadmap towards profitability, underpinned by disciplined capital management and a commitment to delivering long-term value for our stakeholders," Bank BIC Namibia acting MD Mauro Rogerio told Market Watch.The bank recently secured a deduction code from the Ministry of Finance and Social Grants Management, enabling it to administer home loans under the Housing Scheme for Public Servants (HOSSM). This government-backed initiative provides affordable housing finance for public sector employees, leveraging secure payroll deductions for repayments."This development strengthens our retail offering and reinforces our commitment to improving access to affordable housing for Namibians in public service," Rogerio said. By tapping into this low-risk, high-volume loan market, Bank BIC aims to diversify revenue streams and accelerate its path to breakeven, even amid Namibia's elevated interest rates and economic uncertainties.Crawford, who retired recently, was instrumental in establishing Bank BIC Namibia's operational foundation—from securing its banking licence to building core infrastructure and navigating early regulatory approvals. "We are grateful for Mr Crawford’s contributions and leadership over the years," Rogerio noted.To ensure continuity, the bank has fast-tracked the appointment of a new CEO, approved by the Bank of Namibia and set to assume duties soon. The board has also been strengthened with two new non-executive Namibian members, enhancing local expertise and compliance with regulatory requirements for greater indigenous representation. "As we move forward, our focus remains on operational excellence, service reliability, and sustainable growth. Bank BIC Namibia is well-positioned to serve our clients and contribute to Namibia’s economic development," Rogerio said.

N$130m lifeline for loss-making Bank BIC

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Namibian Sun 2025-10-20

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N$130m lifeline for loss-making Bank BIC

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Namibian Sun 2025-10-20

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