Trustco Bank Namibia has formally exited commercial banking in Namibia.

Trustco Group Holdings, the holding company of Trustco Bank Namibia, took the decision at a meeting earlier this week, where it was resolved to return its banking license to the Bank of Namibia.

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.

The Bank of Namibia (BoN) has approached the High Court of Namibia seeking to liquidate Trustco Bank Namibia.