Bank Windhoek Limited and Capricorn Group Limited (Oct 2022)

The Capricorn Group is a leading Namibian-owned financial services group listed on the Namibian Stock Exchange. Its subsidiaries include two banks (Bank Windhoek and Bank Gaborone), a micro-lender (Entrepo) and an asset manager (Capricorn Asset Management), while its associates operate in insurance (Santam and Sanlam) and telecommunications (Paratus group).

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Namibia Banking Industry Overview (Oct 2022)

As of 31 December 2021, the number of licensed commercial banks remained at seven, with one branch of a foreign bank and one representative office. The banking sector is comparatively small and highly concentrated with four large banks, of which three are subsidiaries of South African banks[1] and one is locally owned[2] . The four large banks are designated as domestic systemically important banks (“DSIBs”) by the BON and hold the largest share of the sector’s asset base. The sector’s branch network decreased in 2021, as the number of branches contracted to 137 (2020: 145) at the end of 2021, following a preference for digital channels and the need to cut costs.

[1] First National Bank Namibia Limited, Standard Bank Namibia Limited, and Nedbank Namibia Limited.

[2] Bank Windhoek Limited.

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Oryx Properties Limited (Jun 2022)

Oryx remains the sole listed property loan stock (“PLS”) on the Namibian Stock Exchange. The fund operates like a Real Estate Investment Trust (“REIT”) investing in and holding commercial properties in a tax-efficient manner for investors. Its core activities include direct investments in property assets in Namibia and it also has a small indirect investment in Croatia through its 26% shareholding in TPF International Limited. Its shareholder base is almost entirely Namibian domiciled.

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Namibia National Reinsurance Corporation Limited – December 2021

NamibRe commenced operations in 2001, following the enactment of the Namibia National Reinsurance Corporation Act (of 1998). The main purpose was to contain the outflow of funds by means of offshore reinsurance placements. In terms of ownership, the business remains 100% owned by the Namibian government, which serves to support the reinsurer’s rating through access to mandatory cessions. The analysis was done on a stand-alone basis.

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Letshego Holdings Namibia Limited, Letshego Bank Namibia Limited, Letshego Micro Financial Services Namibia (Pty) Limited – November 2021

The ratings on Letshego Bank Namibia Limited (“LBN”, “the bank”) reflect the credit profile of Letshego Holdings Namibia Limited (“LHN”, “the Group”). GCR believes the bank is a core part of the Letshego Namibia group. While LBN is not the largest contributor to Group assets and revenues (less than 50%), relative to Letshego Micro Financial Services (Namibia) (Pty) Limited (“LMFSN”), the Group benefits from the banking licence and the avenues that it opens. However, in the event the level of importance reduces, the ratings may be de-linked from the group Anchor Credit Evaluation (“ACE”)/ group credit profile.

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Bank Windhoek Limited and Capricorn Group Limited – October 2021

Bank Windhoek Limited’s (“BW”) ratings reflect the credit profile of Capricorn Group Limited (“Capricorn”, or “the group”). BW’s contribution to group net profit after tax (FY21: 68%) and assets (FY21: 79%) is significant and GCR views it to be the group’s core operating entity and flagship brand. As such, the ratings of BW are equalised to the group Anchor Credit Evaluation (“ACE”).

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