Capricorn did not buy Zambian bank

THE holding company of Bank Windhoek, Capricorn Investment Holdings (CIH), has denied recent media reports that it bought a commercial bank in neighbouring Zambia.

‘CIH has acquired a stake in a company, which owns Cavmont Capital Bank in Zambia,’ said Silke Feldmann, Group Corporate Communications Consultant at Capricorn when approached for comment.
‘CIH has been exploring new investment opportunities throughout southern Africa since 2002 and acquired of 44.2 per cent of Cavmont Capital Holdings in Zambia, which owns 100 per cent of Cavmont Capital Bank,’ according to Feldmann.
Cavmont Bank is listed on the Zambian Stock Exchange. Of the 44,2 per cent stake, 25 per cent are voting shares.
The Bank provides corporate, merchant, investment, retail banking services and community banking services. Cavmont Capital Bank has 13 branches in Zambia, four of which are in the capital, Lusaka.
‘CIH already took a decision to buy into Cavmont in late 2007 and this was done last year,’ Feldmann added.
‘Our business model focuses on local ownership. Our goal in Zambia is to support Cavmont Bank in becoming a profitable, full-scale retail bank with a competitive range of products and services, stable and innovative technology supported by customer focused business process.’
Capricorn Investment Holdings was established in 1996 in Namibia as a regional financial services group and has interests in banking, insurance, asset management and micro-finance, with a diversified business portfolio in Namibia and Botswana. The flagship brand is Bank Windhoek, founded in 1982, and the only locally owned bank in Namibia.
Asked about CIH’s expansion into Botswana, Feldmann responded that the ‘expansion approach was different in Botswana. Zambia has completely different challenges, opportunities, cultures and client needs.’
‘Bank Gaborone was a green-fields operation, being a start-up exercise. CIH acquired a banking licence in Botswana in 2006 through Bank Gaborone Ltd. CIH Namibia owns 97,2 per cent of the local company Capricorn Investment Holdings Botswana, which in turn holds 91,7 per cent of the shares in Bank Gaborone,’ Feldmann explained.