{"id":76064,"date":"2024-08-28T10:09:00","date_gmt":"2024-08-28T10:09:00","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-trustco-bank-clash-over-depositorsfunds"},"modified":"2024-08-28T10:09:00","modified_gmt":"2024-08-28T10:09:00","slug":"bon-trustco-bank-clash-over-depositorsfunds","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-trustco-bank-clash-over-depositorsfunds","title":{"rendered":"BoN, Trustco Bank clash over depositors\u2019funds"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Namibia. <\/strong><\/span>The Bank of Namibia (BoN) has refuted a statement from Trustco Group Holdings (TGH), the parent company of Trustco Bank Namibia (TBN), that depositors\u2019 funds are guaranteed and held by it.<\/p>\n<p>This is after TGH on Friday announced its decision to exit the investment in its commercial banking portfolio, which the group stated accounts for less than 1% of its total investments.<\/p>\n<p>TBN was suspended by the central bank in August last year to rectify what the BoN termed \u201ccertain stipulated and communicated instances of non-compliance with the, now repealed, Banking Institutions Act\u201d.<\/p>\n<p>At the end of the suspension period, TBN remained non-compliant with the identified provisions of the relevant legislation, BoN said.<\/p>\n<p>\u201cThe BoN has also taken note of TGH\u2019s public statement that depositors\u2019 funds are guaranteed and held by the BoN. This statement is misleading and devoid of all truth. The BoN reiterates that TBN holds depositors\u2019 funds, and that it remains TBN\u2019s responsibility to repay all depositors\u2019 funds. The BoN had previously issued a directive to TBN to ringfence depositor\u2019 funds in a bank account held with a banking institution in Namibia,\u201d reads a statement issued on Friday from BoN spokesperson, Kazembire Zemburuka.<\/p>\n<p>The statement added that BoN directed TBN to present its deposit repayment plan to the central bank today.<\/p>\n<p>\u201cThe Bank wishes to assure members of the public that it will endeavour to ensure depositors are not negatively impacted by the decisions taken by TGH and TBN. The BoN remains committed to fostering banking system stability and integrity by executing its supervisory mandate in line with the provisions of the Act,\u201d the central bank stated.<\/p>\n<p>At the end of July this year, BoN issued a notice of its intention to cancel TBN\u2019s authorisation to conduct banking in Namibia due to its failure to remediate the suspension conditions. \u201cTBN was afforded an opportunity to make representation as to why the (central) bank should not cancel its authorisation to operate as a banking institution. The Bank noted that instead of making the called-for representation as per the provisions of the Act, TBN opted to inform the BoN of TGH and TBN\u2019s decision to discontinue its banking business, with further resolve to return its banking licence for cancellation with effect from today,\u201d BoN stated.<\/p>\n<p>Trustco\u2019s take<\/p>\n<p>Meanwhile, in a statement issued on Friday, 23 August 2024, Trustco stated: \u201cAll depositors\u2019 funds are 100% fully secured, and held by BoN\u201d.<\/p>\n<p>In the same statement, Quinton van Rooyen, TGH founder and chairman of the group\u2019s board investment committee, commented on the decision. \u201cIn light of recent developments, Trustco has made the decision to exit from investing in deposit-taking institutions in Namibia. Our focus is now shifting towards non-deposit-taking financial services, where we see tremendous growth potential,\u201d he noted.<\/p>\n<p>He added: \u201cThis pivot is exemplified by our recently announced transactions. On 23 April 2024, we announced our intention to increase our stake in Legal Shield Holdings Limited to 91.35% by acquiring an additional 11.35% interest for N$468 million. This move will significantly strengthen our position in Namibia\u2019s insurance and real estate sectors, both of which are poised for substantial growth in the post-pandemic era\u201d.-ebrandt@nepc.com.na<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/namibia\">Namibia<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Namibia. The Bank of Namibia (BoN) has refuted a statement from Trustco Group Holdings (TGH), the parent company of Trustco Bank Namibia (TBN), that depositors\u2019 funds are guaranteed and held by it. This is after TGH on Friday announced its decision to exit the investment in its commercial banking portfolio, which the group [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":76063,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-76064","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":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>BoN, Trustco Bank clash over depositors\u2019funds - Namibia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-trustco-bank-clash-over-depositorsfunds\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BoN, Trustco Bank clash over depositors\u2019funds\" \/>\n<meta property=\"og:description\" content=\"Africa-Press &#8211; Namibia. The Bank of Namibia (BoN) has refuted a statement from Trustco Group Holdings (TGH), the parent company of Trustco Bank Namibia (TBN), that depositors\u2019 funds are guaranteed and held by it. This is after TGH on Friday announced its decision to exit the investment in its commercial banking portfolio, which the group [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-trustco-bank-clash-over-depositorsfunds\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-28T10:09:00+00:00\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-trustco-bank-clash-over-depositorsfunds#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-trustco-bank-clash-over-depositorsfunds\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"BoN, Trustco Bank clash over depositors\u2019funds\",\"datePublished\":\"2024-08-28T10:09:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-trustco-bank-clash-over-depositorsfunds\"},\"wordCount\":545,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-trustco-bank-clash-over-depositorsfunds#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2024\/08\/Hazrati1724827186.777125.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-trustco-bank-clash-over-depositorsfunds#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-trustco-bank-clash-over-depositorsfunds\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-trustco-bank-clash-over-depositorsfunds\",\"name\":\"BoN, Trustco Bank clash over depositors\u2019funds - 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