Doom for BoE Bank e-commerce business unit

By Basheera Khan, UK correspondent, ITWeb

Johannesburg, 06 Nov 2001

BoE Bank`s e-commerce business unit, part of BoE Bank`s e-business division, is to be closed down.

Though it is unclear when the shutdown will take effect, or how BoE Bank`s customers will be affected, ITWeb has received reports that four staff members within the e-commerce division have been offered retrenchment packages.

The news comes just eight months after the bank launched its i-PayOnline solution, a Web-based card payment system for business-to-business (B2B) online trade. Developed by BoE Bank`s e-business division, i-PayOnline is targeted at service providers, procurement portals and merchants.

BoE is also involved in consumer financial services, through icanonline, the joint venture initiative with M-Web and NBS.

BoE Limited, parent company to BoE Bank, is listed on the Johannesburg Securities Exchange. The group`s interim results for the six months ended 31 March 2001 reflected a 25% growth in headline earnings per share.

BoE Bank e-business division GM, Eugene de Villiers, is expected to comment on the changes in days to come.