Bank of Namibia takes over SME Bank

Bank of Namibia takes over SME Bank
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Bank of Namibia has acquired all the operations, assets and businesses of the SME Bank.
This was announced by Bank of Namibia Governor Iipumbu Shimi on Wednesday.
The board of directors of the SME Bank will be dismantled and will hand over all operations to the BoN.
Senior executives at the SME Bank have been removed today, Iipumbu said.
Investigations into the whereabouts of over N$180 million, invested in the SME Bank by the BoN, will start immediately.
The BoN has appointed an interim board.