Description of Activities

Description: The Commission resolved to approve without conditions the acquisition of shares by Nedbank Group Limited in EQSTRA Investment Holding Proprietary Limited.

The acquiring group: The acquiring group is a financial services group that renders the offering wholesale, corporate, and retail banking services, as well as insurance, asset management, and wealth management. In Namibia it provides banking and financial services, including insurance services.

Target undertaking: The target undertaking is an investment holding firm that, via its subsidiaries, operates a fleet management business.

Relevant market: The Secretariat defines the product market to be the market for the provision of fleet management services.

Merger Determination

The Commission found the proposed transaction unlikely to result in the prevention or substantial lessening of competition or result in any undertaking to acquire or strengthen a dominant position in the market and did not raise any public interest concerns.

However, as stated under section 50 of the Act, this approval does not relieve parties from complying with any other mandatory statutory approvals that any of the parties to this merger must comply with under Namibian laws.