Trustco Bank maintains it is commercially solvent
Trustco Bank Namibia, a subsidiary of Trustco Group on Thursday announced that all client deposits are 100% backed by cash and can be returned at the client’s request.
The Bank said it remains commercially solvent at this time, and that no client needs to use the Namibia Deposit Guarantee Authority, which provides a guarantee of only N$ 25000 per depositor.
Clients have been advised to “collect their deposits should they wish to transfer their balances to any other entity and that all clients with loans should continue to service their loans until otherwise informed,” Trustco spokesperson Neville Basson said in a statement.
This comes after Trustco Bank announced on Monday that it brought a review application against the Bank of Namibia to set aside certain directives made by the Central Bank made against Trustco Bank.
In response, the Central Bank retaliated by threatening to bring an application for liquidation against Trustco Bank.
“The expected application for liquidation has not been served on Trustco Bank as of yet,” Basson said.