Trustco Bank Namibia has finalised the transfer of unclaimed deposits in conclusion of a forced closure that started in 2023 and has called on depositors to claim their money.
Acting chief executive of the former bank Riaan Bruyns says the funds were transferred to the Guardian Fund after despositors failed to collect their money.
“While we’ve successfully disbursed nearly 80% of all deposits, we have now taken the final step of transferring the remaining unclaimed deposits, together with interest as of 28 February 2025, to the Guardian Fund to ensure all our former clients’ money remains secure and accessible to them when they come forward,” he says.
The funds will be under the authority of the Master of the High Court as per a Bank of Namibia (BoN) directive.
Bruyns says a final notification has been sent to all former clients with unclaimed deposits on how to contact the Guardian Fund to claim their funds as from 3 March.
“Former Trustco Bank Namibia clients can now liaise directly with the Guardian Fund for any further claims,” Bruyns says.
He says the bank is committed to regulatory compliance and the maintenance of financial integrity.
“Former Trustco Bank Namibia has fulfilled its obligations pertaining to the disbursement of client deposits.
The company affirms that 100% of its clients’ deposits, along with accrued interest, have been accounted for,” Bruyns says.
Trustco Bank Namibia was suspended in August 2023 and its banking operations closed, with a deadline of 28 February to refund depositors.
The BoN made the decision to suspend Trustco Bank citing the bank’s insolvency, its liabilities exceeding its assets, and that it is also unable to pay its debts.
Truscto’s banking portfolio accounted for less than 1% of its total investments.
The central bank formally gazetted the cancellation of Trustco Bank Namibia’s operations in September last year.
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