02 Aug 2017

The Botswana Building Society (BBS) demutualisation project is progressing according to plan, says Minister of Finance and Economic Development, Mr Kenneth Matambo.

Mr Matambo said BBS was preparing the necessary documents such as the conversion statement or prospectus to be circulated to all shareholders in the first week of August 2017 for their consideration.

“A special general meeting is scheduled to be held in Gaborone on August 24, where shareholders would be expected to vote in favour of creating Botswana’s first indigenous commercial bank,” he said.

Once the shareholders have approved the conversion of the BBS into a company, the minister said the society would then submit an application for a commercial banking licence to Bank of Botswana in December 2017. rom Specially Elected MP, Ms Bogolo Kenewendo had asked Mr Mathambo to state the current status of the BBS demutualisation project. ENDS