What is the minimum deposit for the new Notsa Natsi Investment Account?
It is E5000 for new customers. Current permanent shareholders can open Notsa Natsi with an amount less than E5000.
What happens to the money I have been contributing through stop orders towards my Permanent Shares?
The stop order contributions will now be re-directed to Notsa Natsi Investment Account with consent from the customer.
Can I withdraw money from my Permanent Shares?
Yes you can, but you can no longer make new deposits into your Permanent Shares Account.
On which stock exchange will the new bank Ordinary Shares be listed?
It will only be on the Eswatini Stock Exchange (ESE) upon the Initial Public Offering.
What happens to my Ordinary Shares in the unfortunate event that I die?
The Shares will be registered in the Member’s Estate at the Master’s Office unless the Member had prepared a Will or a Trust.
How will the performance of the new bank impact my Ordinary Shares?
The share value will increase or decrease based on the business performance. The SBS conversion is to ensure that the perfomance of the business always grows.
What other investment instruments will be available besides the Ordinary Shares?
It is the Term Deposit and Notsa Natsi Investment Accounts. The Term Deposit is for Permanent Shareholders and valid for 36 months.
Who is eligible for Redeemable Shares?
Redeemable Shares are available to members who will remain undecided about the Conversion of SBS into a commercial bank after the Special General Meeting (SGM) on 15 November 2024. Redeemable Shares is a temporal investment instrument that will be valid for three months allowing Members to decide on the Conversion.
How will SBS avoid a hostile takeover?
The Society ceased accepting new Permanent Shareholders as of 16 August 2024 to forbid new entrants from taking advantage of the great benefits that will come with the Conversion.
Will the Conversion lead to job losses?
No. This is business growth that is supposed to come with more job opportunities.
Will members continue to get the same interest from their Ordinary Shares as they did from the Permanent Shares?
Ordinary Shareholders will likely get dividends once a year based on the business performance whereas with the Permanent Shares, interest was paid in June and December.
Will the new bank operate with the same efficiency as the Society?
SBS has developed operational plans to facilitate seamless transition to a fully-fledged bank.
What new products will be brought by the new bank?
In addition to the current products provided by the Society, the bank will now be able to provide products such as Small, Medium, Micro Enterprises (SMMEs) Finance, Vehicle Finance, credit cards, direct international transactions.
Understanding the various forms contained in the Conversion Statement:
White – Election Form to be completed only by those holders of Permanent Shares who vote in favour of the conversion.
Blue – Proxy Form and written consent for use by members who will not attend the Special General Meeting but wish to vote. This form is to be submitted on or before 11 November 2024 at 4pm at the nearest branch.
Yellow – Equitisation Notice Form to be completed by any holder of Redeemable Shares wishing to convert their Redeemable Shares to Ordinary Shares.
Orange – Offer Notice Form to be completed by an Ordinary Shareholder in the new bank wishing to offer their shares for sale to the sponsor. This is only allowed within a period of three months after the Special General Meeting.
Red – Redemption Form to be completed by any holder of Redeemable Shares wishing to redeem their Redeemable Shares.
