BBS demutualisation passes first hurdle

Through demutualisation, BBS will convert into a shareholder owned company allowing the organisation to apply for a commercial banking licence. At a special general meeting held last Friday, BBS shareholders unanimously passed resolutions allowing for foundation work on the intended demutualisation to be done.  The resolution gave the BBS board and executive management the nod to undertake investigations that would assist them to decide whether BBS should commercialise. At the meeting shareholders also ratified the appointment of PricewaterhouseCoopers as the demutualisation Project consultants.

Once the preparatory work has been carried, a draft Prospectus on the demutualisation of BBS will be compiled for the consideration and approval of Shareholders at a second Special General Meeting to be held in early 2015.