BBS inches closer to banking licence

Eye of the storm: The BBS headquarters in Broadhurst. Shareholders vote next Friday. PIC: MORERI SEJAKGOMO
Eye of the storm: The BBS headquarters in Broadhurst. Shareholders vote next Friday. PIC: MORERI SEJAKGOMO

BBS Ltd has declared a closed period from August 16 to October 15, as it finalises a process with the Bank of Botswana for the issuance of a commercial banking licence.

According to a notice yesterday, during the closed period, members of the board, management, and staff are prohibited from dealing in any manner, directly, or indirectly in the company’s securities.

The latest developments follow a protracted process in which BBS Ltd has undergone legislative and structural changes to prepare for the consideration of its commercial banking licence application by the Bank of Botswana.

Last November, the central bank granted the company provisional approval of its application, noting that several conditions would have to be met before full approval.


By converting into a commercial bank, BBS Ltd hopes to compete on a more level playing field with other banks, which for years have been offering products similar to the society in addition to others BBS was statutorily unable to offer.

Should it be successful, BBS Ltd would be the country’s first indigenous bank, as the market has historically been dominated by foreign entities.

Editor's Comment
Keep your mask close

Wearing of masks behind closed doors has been mandatory following the government’s August decision that the public was freed from masking in outdoor spaces.According to a press statement from the ministry, all other remaining COVID-19 protocols such as social distancing in schools and requirements for vaccination or PCR tests at ports of entry have also been relaxed.Statistics still show that hundreds still die daily due to the pandemic around...

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