On 18 August 2023, the Bank of Namibia, in accordance with Section 15(5) of the Banking Institutions Act, 2023 (Act No. 13 of 2023), after consultation with the Minister of Finance and Public Enterprises, resolved to suspend the authorisation of Trustco Bank Namibia (Trustco Bank) to operate as a banking institution with immediate effect.

The suspension is temporary and subject to Trustco Bank rectifying certain stipulated and communicated instances of non-compliances within six months from the 18th of August 2023. In the event that Trustco Bank, at the end of the suspension period, remains non-compliant with identified provisions of the Banking Institutions Act and the matters that caused its suspension, the Bank of Namibia will take further action as mandated by the Act.

The public is hereby informed that the decision to suspend the banking institution's license is taken independent of ongoing litigation involving Trustco Bank and the regulator in the High Court of the Republic of Namibia. Such court matters shall proceed as planned.

The Bank of Namibia remains committed to fostering banking system stability and integrity by executing its supervisory mandate in line with the provisions of the Banking Institutions Act.