Capricorn Group Limited has announced significant changes to the board of its subsidiary, Bank Windhoek Limited. Mr Frans du Toit, an independent non-executive director and Chairman of the Board Audit Committee, will retire from his position, effective 30 June 2023. Taking his place as Chairman of the Board Audit Committee will be Mr Vetumbuavi Mungunda.

Mr du Toit has been an esteemed member of the Bank Windhoek board since May 1998, making invaluable contributions to the bank’s operations and governance. He has chaired the Board Audit Committee for the past 17 years, while also serving on the Board Risk and Compliance Committee and the Board Lending Committee. In addition, Mr du Toit played a pivotal role in the development of Capricorn Group, serving on its board from 1998 to 2006. His extensive involvement included chairing the Group Board Remuneration Committee and participating in the Group Board Nominations Committee and the Group Board Human Resources Committee. The boards of both Bank Windhoek and Capricorn Group express their sincere gratitude for Mr du Toit’s outstanding contributions over the past 25 years.

Assuming the role of Chairman of the Board Audit Committee, Mr Vetumbuavi Mungunda brings a wealth of experience and expertise to Bank Windhoek. Capricorn Group has full confidence in Mr Mungunda’s capabilities to guide the committee effectively. With his esteemed reputation as a professional, Mr Mungunda is well-equipped to provide strategic oversight and contribute to the continued success of the bank.

Capricorn Group Limited, incorporated in the Republic of Namibia in 1996, is a renowned financial services provider in the region. It operates through various subsidiaries, with Bank Windhoek being a key entity. The group’s primary objective is to deliver comprehensive and innovative financial solutions to its diverse clientele. The recent changes in the board of Bank Windhoek reflect Capricorn Group’s commitment to maintaining excellent corporate governance standards.

This announcement arrives as Capricorn Group solidifies its position in the Namibian financial sector and explores future growth opportunities. By nurturing a dynamic and effective board, the group aims to foster stability, transparency, and good governance practices across its operations.