Two banks, First National Bank (FNB) and Stanbic Bank, have become the first local banks to venture into the unconventional business areas recently. Early in the year, FNB opened its life insurance business; Stanbic is already into asset management business and is waiting for the relevant licence to break into insurance.
Stanbic's Noorad Bilkiss says it is only a matter of time before their insurance arm is operating. Bilkiss, "We are in the process of acquiring the licence," says the man, who is tipped to head the new wing. "We already have the office space. Our business will be a fully-fledged insurance company providing various insurance products. We will start by selling our insurance products using our existing banking distribution channel.
"That means we will operate wherever there is a Stanbic branch. The model has been successful elsewhere in the past. It is being rolled out to other parts of Africa. It has been a success in Namibia.
