Bank Windhoek Holdings changes to Capricorn

BANK Windhoek Holdings launched its new name and brand on Thursday night following the approval by shareholders on 29 August to change the name.

BWH is now known as Capricorn Investment Group. Capricorn Group is a diversified financial services group listed on the Namibian Stock Exchange with interests in banking, insurance, wealth and asset management.

The group is a 97% Namibian-owned group. The group listed in 2013. The group owns assets to the value of N$32,3 billion.

“Capricorn Group wants to be the most trusted and inspiring connector of positive change in Namibia and beyond. As our identity and ethos are closely linked to the well-being of our country, we share the responsibility to bring positive change, thereby creating an environment of empowerment and prosperity,” said Thinus Prinsloo, managing director of the Capricorn Group.

Bank Windhoek, the group’s biggest income earner, is the second largest commercial bank in Namibia.

Prinsloo said the name change means positive change for its staff, the government, shareholders and is a positive change for the people of Namibia.

“We will differentiate ourselves through our unique service offering and our ability to create sustainable opportunities for Namibians. We recognise the value of a positive reputation and strong brands and will continue to invest in the powerful brands in our group, with Bank Windhoek as the flagship brand and Capricorn Asset Management as a leader in wealth and asset management,” he said.

Capricorn’s profit after tax during the 2016 financial year increased by 20,2% and realised a return on average equity of 22,9%. The group’s share price has doubled from N$8,75 at listing in June 2013 to N$17,24 on 30 June 2016. Dividends to shareholders increased to 66 cents from 53 cents in 2015.

“Our approach has always been the same: An organisational culture that encourages exceptional performance; a strong sense of responsible behaviour and embracing the entrepreneurial spirit. Always innovating, always looking for new ways to grow our business. This is a tough task, especially in the financial world. Tough, but not impossible, as we have proven in the past,” said Prinsloo.

The group is also diversified into asset management and insurance interests through Capricorn Asset Management, Sanlam Namibia (29,5% shareholding) and Santam Namibia (28% shareholding).

Prinsloo said in the 2016 integrated annual report, which was also issued on Thursday that the group is anticipating the challenging operating environment to persist with slower economic growth, inflationary pressures, stable interest rate cycle and a weakening currency.

“These indicators are likely to cause the Namibian consumer to experience financial pressures over the short to medium term,” he said.

Bank Windhoek is preparing for the phasing out of cheques by the end of 2017 as the Payment Association of Namibia drives the transition to full electronic based payment methods.

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