Namibian tycoon Quinton van Rooyen's Trustco Group Holdings has made the decision to surrender its banking license and exit the banking sector altogether.
According to a statement from the Bank of Namibia (BoN) spokesperson, Kazembire Zemburuka, on Friday, the central bank canceled the banking license of Trustco Bank Namibia (TBN) and instructed the bank to submit its plan for repaying depositors by Tuesday, August 27.
This development begins a turning point for Trustco, which has chosen to refocus its business away from banking.
Trustco's moves away from bankingTrustco confirmed the license surrender on its website, revealing that its banking operations accounted for less than 1% of the company's total investments.
