The Bank of Namibia (BoN) has suspended the authorization of Trustco Bank Namibia to operate as a banking institution.

The BoN said in a statement that the decision is in accordance with the bank's Act and follows consultations with the Minister of Finance and Public Enterprises.

Governor Johannes !Gawaxab noted that the suspension is temporary and is subject to Trustco Bank rectifying certain stipulated instances of non-compliance within six months.