PERMANENT SHAREHOLDERS TO RECEIVE DIVIDENDS THIS MONTH

MBABANE -The Swaziland Building Society (SBS) is advancing steadily in its transformation into a fully operational commercial bank.

This milestone comes after a majority of its members approved the transition during a special general meeting held last month. The process has successfully passed preliminary phases, including extensive member education which resulted in an overwhelming endorsement of the conversion from a building society into a fully-operational bank. This development follows a decisive endorsement of the transition by a majority of the SBS members at a special general meeting held in Manzini on November 15, this year.

During the meeting, approximately 95 per cent of the permanent shareholders voted in favour of converting SBS into a commercial bank. This decision underscores strong member support for the institution’s strategy to evolve and enhance its competitive position in the financial sector after over 60 years of service. SBS Managing Director Mbali Sibanyoni, indicated that a comprehensive report on member education and the voting outcomes have already been submitted to the regulators. The report is a key component in demonstrating SBS’ adherence to the regulatory conditions required for the transition. “We are pleased with the journey so far, and remain confident in the process,” said Sibanyoni.

Registration

She added: “Once our regulators endorse the preliminary activities, SBS will proceed with the registration of a new company, allocate shares and apply for a banking licence. This will enable us to transition into a fully-fledged commercial bank with a new operational structure.” Sibanyoni reassured members that SBS is fully committed to meeting the regulatory requirements and maintaining transparency. She noted that regular updates will be provided to members throughout the process with clear communication of any required actions.

In line with its ongoing commitments, SBS will disburse biannual dividends to the permanent shareholders in December and June of every year. Sibanyoni confirmed that the December payments will be processed by the end of this month. Regarding the transition, members who prefer not to acquire ordinary shares after the regulatory endorsement, can opt for their permanent shares to be converted into redeemable shares or term deposits. For assistance, members are encouraged to visit the SBS dedicated conversion desks or any of its branches countrywide.

“This transition represents an exciting chapter for SBS and its members. We deeply appreciate the patience and support of all the stakeholders as we advance through this journey,” she said. SBS anticipates completing the conversion and obtaining its banking licence in the second half of 2025. As a commercial bank, SBS aims to expand its product offerings, increase operational efficiency and enhance competitiveness.

Institutions

“It is time for us to deliver comprehensive banking solutions, ensuring that our customers no longer need to seek services from other institutions. This will save them time and reduce the high fees often associated with external transactions,” Sibanyoni remarked. The transition signifies a significant evolution for SBS, positioning it to thrive in an increasingly competitive financial environment while better serving the needs of its growing customer base.

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