Nedbank MD Shipanga steps down

By: * TONDERAI KATSWARA

NEDBANK Namibia yesterday announced the resignation of Martin Shipanga as Managing Director of the top commercial bank with effect from December 31 2005.

A press statement issued by the bank said Shipanga was leaving

Nedbank to take up "a senior role in the private sector focusing on

the use of technology".

Shipanga, who has been with the bank for two years, is said to

have been instrumental in repositioning the Nedbank brand as well

as refocusing the financial institution as a Namibian entity.

 

Nedbank Namibia Chairman Theo Frank said Shipanga would remain a

non-executive director of the board.

 

"We highly value and commend the immense contribution that

Martin has made during his tenure at the helm of Nedbank

Namibia.

 

We have got complete confidence in Martin's capabilities and

would like to continue to work with him as a member of our board to

ensure continuity in our transformation objectives and commitment

in becoming our nation's number-one choice in banking in Namibia,"

said Frank.

 

In an interview with The Namibian yesterday, Shipanga said he

was leaving his fulltime job at Nedbank because his "specific

assignment" there had been completed.

 

He said part of his mandate with Nedbank had been to lay a

foundation for transformation at the bank.

 

Without giving much away, Shipanga confirmed that he would be

joining an international company that deals with the use of

technology in financial services and would be working in emerging

markets around the globe.

 

He said an announcement and details of his new appointment would

be made public soon.

 

"I shall persevere in my commitment to contribute towards the

transformation of the financial services industry.

 

I wish to build on the knowledge and understanding that I have

gained during my time at Nedbank and I want to use that to benefit

the broad masses of our country who are yearning for access to

benefits that the financial sector can offer," said Shipanga.

 

 

Shipanga, who has been with the bank for two years, is said to have

been instrumental in repositioning the Nedbank brand as well as

refocusing the financial institution as a Namibian entity.Nedbank

Namibia Chairman Theo Frank said Shipanga would remain a

non-executive director of the board. "We highly value and commend

the immense contribution that Martin has made during his tenure at

the helm of Nedbank Namibia.We have got complete confidence in

Martin's capabilities and would like to continue to work with him

as a member of our board to ensure continuity in our transformation

objectives and commitment in becoming our nation's number-one

choice in banking in Namibia," said Frank.In an interview with The

Namibian yesterday, Shipanga said he was leaving his fulltime job

at Nedbank because his "specific assignment" there had been

completed.He said part of his mandate with Nedbank had been to lay

a foundation for transformation at the bank.Without giving much

away, Shipanga confirmed that he would be joining an international

company that deals with the use of technology in financial services

and would be working in emerging markets around the globe.He said

an announcement and details of his new appointment would be made

public soon."I shall persevere in my commitment to contribute

towards the transformation of the financial services industry.I

wish to build on the knowledge and understanding that I have gained

during my time at Nedbank and I want to use that to benefit the

broad masses of our country who are yearning for access to benefits

that the financial sector can offer," said Shipanga.

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