Former Trustco Bank Namibia has officially concluded the closure of its banking operations, finalizing a process that began on 23 August 2024.
The former bank stated that it had transferred all remaining unclaimed client deposits, along with accrued interest, to the Guardian Fund under the authority of the Master of the High Court, in compliance with a directive from the Bank of Namibia.
According to Acting CEO Riaan Bruyns, the bank made extensive efforts to contact all clients and facilitate the collection of their deposits before finalizing the closure.
“We have successfully dispersed nearly 80% of all deposits, and as of 28 February 2025, the remaining unclaimed funds have been transferred to the Guardian Fund to ensure that former clients’ money remains secure and accessible to them when they come forward,” Bruyns said.
He further stated that a final notification has been issued to affected clients, advising them on the process of claiming their funds through the Guardian Fund, effective from 3 March 2025.
“With the completion of this final transfer, former Trustco Bank Namibia has fulfilled its obligations pertaining to the disbursement of client deposits,” he added.
The bank’s closure follows the Bank of Namibia’s suspension of Trustco Bank Namibia’s authorization to operate as a banking institution in August 2023. The suspension was initially temporary, contingent on the bank addressing specific instances of non-compliance with the Banking Institutions Act.
By the end of the suspension period, the bank had not resolved the issues that led to its suspension. On 29 July 2024, the Bank of Namibia issued a notice of its intention to revoke the bank’s authorization to conduct banking business due to its failure to meet the required conditions.
This led to the central bank officially revoking Trustco Bank Namibia’s banking license and directing the institution to submit its deposit repayment plan by 27 August 2024.
