Shipanga takes up reins at Commercial Bank of Namibia

A WHO’S who from the worlds of power and money turned out to see former Windhoek CEO Martin Shipanga officially take the helm of the Commercial Bank of Namibia at a glittering event on Tuesday at the Country Club.

The extensive guest list included Tom Alweendo, Governor of the Bank of Namibia, Minister of Finance Sarah Kuugongelwa-Amadhila, Foreign Affairs Minister Hidipo Hamatenya, Information Minister Nangolo Mbumba, deputy ministers, diplomats and clients of the bank. Outgoing managing director Fanie du Plessies expressed his confidence in Shipanga noting of his past performance at the City of Windhoek: “The results of which could be seen, as we all believe that the City of Windhoek was the best-run municipality in southern Africa”.He said Shipanga “with his business acumen … is indeed the right person for the position of managing director of Commercial Bank of Namibia”.Shipanga, in turn, said that the bank “enters its thirty-first year in a very strong position”.”We have the soundest balance sheet in the country, a loyal and growing customer base, international shareholders that fully support the bank’s strategy and most importantly a team of people committed to excellence”.Nedbank Limited from South Africa holds 93,46 per cent of Commercial Bank’s shares while the other 6,5 per cent are held by Namibian minority shareholders, Birgit Hoffman, the bank’s communication manager, said.Shipanga concluded: “I believe the challenge for us in 2004 is to distinguish ourselves from the other banks by making sure that we understand the needs of our clients and that we satisfy them on all levels at all times”.Outgoing managing director Fanie du Plessies expressed his confidence in Shipanga noting of his past performance at the City of Windhoek: “The results of which could be seen, as we all believe that the City of Windhoek was the best-run municipality in southern Africa”. He said Shipanga “with his business acumen … is indeed the right person for the position of managing director of Commercial Bank of Namibia”. Shipanga, in turn, said that the bank “enters its thirty-first year in a very strong position”. “We have the soundest balance sheet in the country, a loyal and growing customer base, international shareholders that fully support the bank’s strategy and most importantly a team of people committed to excellence”. Nedbank Limited from South Africa holds 93,46 per cent of Commercial Bank’s shares while the other 6,5 per cent are held by Namibian minority shareholders, Birgit Hoffman, the bank’s communication manager, said.Shipanga concluded: “I believe the challenge for us in 2004 is to distinguish ourselves from the other banks by making sure that we understand the needs of our clients and that we satisfy them on all levels at all times”.

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