Nedbank MD Shipanga steps down

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.