The bank has fully disbursed all client deposits, ensuring financial integrity and compliance.
Trustco Bank Namibia has officially ceased operations, completing its voluntary banking closure process that began on 23 August 2024. The former subsidiary of Trustco Group has confirmed that 100% of client deposits, along with accrued interest, have been accounted for and distributed.
Following extensive efforts to contact all clients and return their funds, the bank successfully reimbursed nearly 80% of deposits. For those who did not claim their funds, the remaining balances, including interest as of 28 February 2025, have now been transferred to the Guardian Fund under the authority of the Master of the High Court, in compliance with the Bank of Namibia’s directive.
Final Steps in the Closure Process
“We have made significant efforts to contact every client and facilitate the collection of their deposits,” said Riaan Bruyns, Acting CEO of former Trustco Bank Namibia. “While we’ve successfully disbursed the majority of funds, this final step ensures that all remaining unclaimed deposits remain secure and accessible to their rightful owners.”
A final notification has been sent to all former clients with unclaimed deposits, providing instructions on how to retrieve their funds. Effective 3 March 2025, affected clients must now liaise directly with the Guardian Fund for further claims.
Guardian Fund Contact Number: 061 292 1201
Regulatory Compliance and Financial Integrity
With the completion of this process, Trustco Bank Namibia has met its legal and financial obligations, reinforcing its commitment to regulatory compliance. By ensuring the proper handling of client funds, the former bank has demonstrated financial integrity, providing assurance to depositors and regulatory bodies alike.
This marks the final chapter in Trustco Bank Namibia’s operations, as the institution officially exits the financial sector in full accordance with Namibian banking laws.
