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.