BBS demutualisation inches forward

Thursday, July 31, 2014

The demutualisation of the Botswana Building Society (BBS) took another step forward this week, with the tabling of amendments to the Companies Act enabling building societies to transform into companies.

Trade and Industry minister, Dorcas Makgato-Malesu presented amendments that will allow the BBS to make its long awaited debut into commercial banking activities.

For years, the 37-year-old bank has pushed for demutualisation in order to better compete with commercial banks which have aggressively encroached into its mortgage lending mainstay.

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