Mbabane – The Central Bank of Eswatini (CBE) has approved the Swaziland Building Society’s (SBS) conversion into a commercial bank with the provisional license granting it permission to operate as a medium-sized commercial bank.
The financial institution will trade as the SBS Bank Eswatini (SBSBE).
According to a statement from the board of directors and management, the approval follows a rigorous evaluation process by the CBE, which confirmed that SBSBE meets all regulatory and prudential requirements for provisional authorization.
The transition from a building society to a commercial bank is seen as a significant step in the institution’s more than sixty-year journey of providing trusted financial services to the people of Eswatini. Through this transformation, SBSBE aims to expand its suite of products and services to better cater to individuals, small and medium-sized enterprises (SMEs), and corporate clients.
“This marks a historic milestone for our institution and for the financial sector of Eswatini,” said the Chairman of the Board. “It demonstrates the regulator’s confidence in our governance, capabilities, and vision to contribute meaningfully to the country’s financial landscape. We sincerely thank our customers, shareholders, and employees for their continued trust and support. SBS Bank Eswatini is prepared to seize this new opportunity with dedication and innovation.”
The move aligns with Eswatini’s broader economic objectives of enhancing financial inclusion and supporting sustainable economic growth. The board expressed deep appreciation for the CBE’s confidence in the institution’s financial soundness, governance structures, and management strength.
As part of the transition, SBSBE has assured its shareholders and stakeholders that they will be fully engaged and consulted throughout the process. A comprehensive communication and engagement program is being developed to keep shareholders updated on the licensing progress and the bank’s future strategic direction.
Meanwhile, the management team is working closely with the Central Bank to fulfil the remaining requirements needed to secure a full commercial banking license. Regular updates will be shared with stakeholders and the public as the process advances.
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