FNB takes over Pointbreak

Local financial service players Pointbreak and EBank have been effectively negotiated into First Rand Group subsidiary FNB Namibia, the parties announced yesterday. In a statement issued by the office of its CEO, FNB Namibia announced its 100% acquisition of the two allied organisations, subject to necessary regulatory approval in both Namibia and South Africa. The transaction comes ahead of plans by First Rand Group asset management business Ashburton Investments to enter Namibia. “There are many synergies between Pointbreak, FNB and Ashburton and we look forward to unlocking these synergies for the benefit of our long-standing Namibian client base,” Pointbreak CEO Josephat Mwatotele said. “We are confident that the transaction will allow us to broaden our wealth and investment management offering even further, in the pursuit of providing a one-stop financial home for our clients,” he added. Pointbreak is a Namibian financial services group established in 1999, providing investment management and wealth management services for in excess of N$8 billion in third party capital. In 2014, the company became a founding member of EBank, a technology-focused lender that leveraged off a model allowing clients to open functional bank accounts from their mobile devices. The parties said the partnership would enable, among other things, activation of FNB''s e-Wallet product to EBank''s client base, and in the longer term extend banking services beyond what current branch networks allow. FNB Namibia CEO Sarel van Zyl expressed excitement over the enhanced services he said the transaction would offer local consumers. “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,” he said. The transaction remains subject to approval by entities including the Bank of Namibia (BoN), the Namibia Financial Institutions Supervisory Authority (Namfisa), the Namibia Competition Commission (NaCC) and the South African Reserve Bank (SARB). Also commenting on the news yesterday, Namibia Media Holdings (NMH) CEO Albe Botha said: “NMH as a Namibian media group is committed to this country, its employees and readers, to continue in sharing the Namibian story. We wish FNB and Pointbreak every success in the acquisition and trust that NMH will continue to contribute to the success of the group.” As a result of the deal, FNB Namibia will indirectly own 39% of NMH through Stimulus and Desert Trading.

FNB takes over Pointbreak

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Namibian Sun 2025-09-16

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FNB takes over Pointbreak

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Namibian Sun 2025-09-16

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