 | |
| Company type | Public |
|---|---|
| Industry | Banking |
| Founded | 1982 |
| Defunct | 2018 |
| Fate | Bankruptcy |
| Headquarters | Rivonia, Johannesburg, South Africa |
Area served | Limpopo, South Africa |
Key people |
|
| Products | Private banking Consumer banking |
| Revenue | R47 million (2016)[1] |
| R4.7 million (2016)[1] | |
| Total assets | R1,018,036,301 (2016)[1] |
| Total equity | R144 million (2016)[1] |
Number of employees | 87 (2016)[1] |
| Website | vbsmutualbank.co.za |
VBS Mutual Bank was a South African mutual bank. In 2018 it was declared insolvent and bankrupt and placed under curatorship, with South African citizens and taxpayers defrauded out of roughly R2 billion.
It was formed as Venda Building Society in 1982, and became a mutual bank in 1992.[2] By 2016 the bank reportedly had around 30,000 depositors with all deposits in the bank totalling R800 million. In 2017 the bank planned to list on the Johannesburg Stock Exchange; however, this never materialized.[3] Most of its branches and clients were located in Limpopo province.
- ^ a b c d e "VBS Mutual Bank Annual Report 2016" (PDF). VBS Mutual Bank. 2016. Retrieved 12 October 2018.
- ^ Masondo, Sipho (23 September 2016). "What is VBS Mutual Bank? Everything you need to know". City Press.
- ^ "VBS Mutual Bank, which lent Jacob Zuma R7.8m, will list on the JSE". Business Day. 2 February 2017. Retrieved 12 October 2018.