SARB VBS MUTUAL BANK MEDIA BRIEFING

Publication Date: 09/07/2018

Reserve Bank Governor Lesetja Kganyago, his deputy and CEO of the Prudential Authority Kuben Naidoo are holding a briefing on Monday to update the public on VBS Mutual Bank.

PRETORIA – The South African Reserve Bank is holding a media briefing on Monday afternoon to announce more details on a way forward for VBS Mutual Bank.

This follows a decision last week to secure guarantees from National Treasury of up to R100,000 per depositor for VBS Bank retailer depositors.

VBS Bank has come under scrutiny after it was revealed that it was looted for over R1.5 billion by its own management.

Reserve Bank Governor Lesetja Kganyago, his deputy and CEO of the Prudential Authority Kuben Naidoo are holding a briefing on Monday to update the public on VBS Mutual Bank.

WATCH: Reserve Bank briefing

Kganyago says Nedbank will help depositors receive their money.

“It is estimated that about 97% of the 22,700 VBS retail depositors will receive all their money. We are mindful that some retail depositors have larger amounts deposited in VBS.”

(Edited by Shimoney Regter)