Regulatory Alerts2012-12-20
Determination on Branches of Foreign Banking Institutions
The Bank of Namibia issued Determination BID 22 to establish comprehensive prudential, operational, and supervisory requirements for foreign banking branches operating in the country. The regulation mandates that branches maintain branch capital equal to at least 10 percent of risk-weighted assets or a Bank-specified amount, appoint fit-and-proper local executive officers, and secure valid letters of comfort from their parent institutions. Effective 20 December 2012, the determination replaces prior rules and outlines specific application procedures, monthly or quarterly reporting obligations, and remedial measures for non-compliance.
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