INVESTMENT CASE

Our 2021 results demonstrated how Capricorn Group, as a Namibian-owned group, used the advantage of being local, nimble, and responsive. We were able to preserve and grow value despite the economic and social shock brought about by COVID-19, based on:

The diversified nature of the Group: In a low-interest environment where the Group’s banking entities are under pressure, asset management, microlending and telecommunication activities are doing well. We disposed of our loss-making bank in Zambia but remain geographically diversified and plan to use our footprint in Botswana to expand our offering, gain market share and increase profitability.

We have a strategic and responsive investment approach: Our investments have offered important lessons over the past two decades.

The quality of our operations: Bank Windhoek continues to garner awards in Namibia and internationally, showcasing the high standard of its business and leadership.

Continuous development of customer-centric solutions and services: We launched strategic projects to drive digital transformation, business development and trade finance. Our focus is on customer convenience, security, and cost saving offerings. This includes investing in future-fit architecture to support a digitally enabled bank.

We are stable, reliable and well capitalised: Capricorn Group has two shareholders of reference – the Government Institutions Pension Fund (“GIPF”), the largest institutional investor in Namibia, and Capricorn Investment Holdings (“CIH”), the founding holding company of Bank Windhoek. They ensure stability, liquidity and access to capital.

We have a strong ethical culture, entrepreneurial spirit and commitment to transparency: Ethical decision-making is demonstrated by the board and entrenched by governance structures and controls. We have zero tolerance for unethical behaviour and for non-compliance with core legislation and regulations in the jurisdictions where we operate.