BoB rejects Russian bank licence application

Although the central bank could not divulge reasons for the rejection, BoB Head of Communications Andrew Sesinyi told BusinessWeek that the central bank last year granted a conditional approval to Alnivor Botswana trading as Russian African Bank, but the application was rejected upon further vetting this year.

“The application for a banking licence in respect of Alnivor Botswana (Pty) Ltd, trading as Russian African Bank, was unsuccessful and that the conditional approval was hence revoked,” he said.