SME Bank on brink of closure

THE Bank of Namibia approached the High Court on an urgent basis yesterday to close the SME Bank, arguing that government cannot continue bailing it out.

Apart from a lack of money, according to court papers, the banking regulator also argued that the SME Bank was a financial risk and should cease operations. Bank of Namibia governor Ipumbu Shiimi issued a media statement yesterday, announcing that they were approaching the High Court for an order to close the troubled bank. If the High Court grants the order to close the SME Bank, more than 200 people will lose their jobs.