{"id":46528,"date":"2023-06-08T17:03:53","date_gmt":"2023-06-08T17:03:53","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-to-divest-from-banking-and-finance-portfolio"},"modified":"2023-06-08T17:22:42","modified_gmt":"2023-06-08T17:22:42","slug":"trustco-to-divest-from-banking-and-finance-portfolio","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-to-divest-from-banking-and-finance-portfolio","title":{"rendered":"Trustco to divest from banking and finance portfolio"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>Trustco has taken a strategic decision to divest a portion of its investment in its banking and finance portfolio. According to a statement from the company, this strategic move aligns with Trustco\u2019s overall investment strategy and reflects the company\u2019s commitment to driving long-term investment growth and creating value for its investors.<\/p>\n

As part of this strategic initiative, Finbond Group Limited will acquire 49% ownership in Trustco Finance (Pty) Ltd, through what is known as the \u201cFinbond Transaction\u201d.<\/p>\n

\u201cThe Finbond Transaction is in line with Trustco\u2019s transition from managing fully-owned and operated businesses to an investment entity with a diversified portfolio of assets in emerging markets. By recycling capital from a long-held investment, Trustco has seized the opportunity to optimise its investment portfolio and again align with another strategic international partner,\u201d reads a Trustco statement.<\/p>\n

\u201cWe are delighted to welcome Finbond as a new co-investor in Trustco\u2019s banking and finance portfolio,\u201d said Quinton Zandre van Rooyen, Deputy CEO of Trustco.<\/p>\n

He added: \u201cWith Finbond\u2019s expertise and presence in the market, we anticipate that synergies between Trustco Finance and Finbond will only strengthen. As the markets recognise the importance of diversification of investment assets, we believe that the diversification of investors in an asset can also contribute to positive growth. We are confident that our partnership with Finbond will unlock significant value in our investment as our relationship deepens over the next few years.\u201d<\/p>\n

\u201cNamibia\u2019s resurgence as the preferred investment destination in Africa for international investors is truly remarkable. Trustco is proud to be at the forefront, actively contributing to the nation\u2019s economic growth and welcoming investors from around the world to participate in our journey of success,\u201d Van Rooyen continued<\/p>\n

Meanwhile, the statement continued that Trustco Finance has evolved into a preferred student loan lender in Namibia since Trustco\u2019s initial investment in 2005 for N$5 million, when it was serving only approximately 4000 students. Trustco further stated that over the past 18 years, Trustco Finance\u2019s loan portfolio has grown significantly, currently exceeding N$650 million gross loan book value with a peak loan book of over N$771 million.<\/p>\n

The statement added: \u201cTo date, Trustco Finance has disbursed loans amounting to approximately N$1.3 billion, benefiting more than 62 000 students, and collected over N$2.5 billion in loan repayments. The proposed divestment represents 2.47% of Trustco\u2019s total investment portfolio as of August 31, 2022.\u201d<\/p>\n

Finbond is a financial services institution operating in South Africa and North America, renowned for its expertise in designing and delivering innovative credit products that prioritise borrower requirements over institutional policies and practices. With a strong presence in both brick-and-mortar and online channels, Finbond operates through an extensive network of 589 stores, consisting of 397 in South Africa and 192 in North America, while also offering online services in South Africa and six states within the United States of America.<\/p>\n

\u201cFinbond specialises in providing unique value- and solution-based savings, insurance, and transactional banking products, reflecting their commitment to meeting the specific needs of depositors and borrowers. Finbond\u2019s unwavering dedication to being a global leader in short-term consumer lending fuels its pursuit of excellence in the financial sector. The Finbond Transaction with Trustco exemplifies their vision and passion for delivering exceptional short-term lending services,\u201d Trustco stated.<\/p>\n

The successful completion of the Finbond Transaction is contingent upon fulfilling several conditions. These include obtaining approvals from Finbond\u2019s Board and Investment Committee, as well as Trustco\u2019s Board and Investment Committee, as well as all necessary regulatory approvals.<\/p>\n

\u201cWith the completion of the Finbond Transaction, Trustco is strategically positioned to enhance the valuation and unlock substantial growth opportunities within its banking and finance portfolio.<\/p>\n

By strategically expanding the portfolio\u2019s lending operations, capitalising on new opportunities, strengthening its market presence, and diversifying its revenue streams, Trustco remains confident in its ability to significantly increase the value of our banking and finance portfolio going forward,\u201d the statement concluded.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. Trustco has taken a strategic decision to divest a portion of its investment in its banking and finance portfolio. According to a statement from the company, this strategic move aligns with Trustco\u2019s overall investment strategy and reflects the company\u2019s commitment to driving long-term investment growth and creating value for its investors. As […]<\/p>\n","protected":false},"author":84,"featured_media":46527,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-46528","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nTrustco to divest from banking and finance portfolio - Namibia<\/title>\n<meta name=\"description\" content=\"Trustco has taken a strategic decision to divest a portion of its investment in its banking and finance portfolio. 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