Windhoek: The Bank of Namibia (BoN) has withdrawn its application before the High Court to wind up Trustco Bank Namibia Limited, a former subsidiary of Trustco Group Holdings Limited. This development marks a significant turn in the ongoing financial proceedings involving the bank and its parent company.

According to Namibia Press Agency, the announcement was made through a media release issued by Trustco on Friday. The release assured stakeholders that the former Trustco Bank remains solvent and emphasized that all depositors have been repaid in full. "Every depositor has been repaid in full and no one, not a single depositor, creditor or stakeholder, lost any money," the statement read.

Trustco explained that the banking business constituted less than 1 percent of the group's total investment portfolio at the time. In light of this, Trustco Group's Chief Executive Officer, Quinton van Rooyen, remarked that the resolution of this matter is part of a broader effort to address various company issues over recent years. "Another case put to bed. Another saga concluded. Trustco has navigated a series of complex matters in recent years and one by one, these matters are being resolved," Van Rooyen stated.

Van Rooyen also expressed optimism about the leadership changes at the Bank of Namibia. He welcomed Ebson Uanguta, the new governor of the Bank of Namibia, and expressed confidence in his capabilities. "We welcome the fresh leadership at the Bank of Namibia under Governor Ebson Uanguta. We are confident that his expertise and skills are exactly what this strategic role demands," he added.

Trustco is a Windhoek-based holding company with subsidiaries operating across various sectors, including real estate, mining, insurance, microfinance, and education.