COMMERCIAL BANKING INVESTEE (100% SHAREHOLDING)

• Strong competitive advantages in the local market due to intergroup synergies.
• Alternative low-cost business model which enables value creation across the Trustco group.
• Flexible technology solutions allowing modern and dynamic product development.
• Sustainable growth potential.
• Fully Namibian commercial bank.

Trustco Bank Namibia is one of only two Namibian owned banks in Namibia. The bank aims to build a bank fit for future generations – one that can easily adapt to rapidly changing social and economic environments.

The COVID-19 pandemic has had a detrimental effect globally on lost hours of work due to lockdowns and the health of the employed workforce. The bank however adapted its operations in order to continue to deliver a service to its clients and simultaneously safeguard the health of its employees and clients. Economically, the pandemic has resulted in demand shifting between different products and services, with the decrease in client disposable income affecting new advances.

The next phase of Trustco Bank’s strategy aims to enhance its existing competitive strengths and create new capabilities. During the reporting period, Trustco Bank has successfully deployed its core banking system. The focus areas for the bank are now its digital migration strategy, expanding income streams, client-centric product development as well as strategic partnerships and synergies.

Using digital technology will broaden service offerings, enabling the bank to create a cost-effective route to market whilst growing the institution. The bank has recognised that the future of banking is driven by a cashless society that requires virtual channels through which clients can transact.

More information about Trustco Bank is available at: www.tbn.na