The South African Reserve Bank estimates that 97% of the 22 700 VBS Mutual bank retail depositors will receive all of their money. Reserve Bank Governor Lesetja Kganyago on Monday announced that Nedbank will, from this Friday, provide retail customers with access to their cash from VBS.
VBS was put under curatorship after problems emanated from a failure of the board of directors and executives to manage the businesses rapid growth and its funding and liquidity position. All customers who have loans with VBS have been urged to continue paying their loans as they are still legally obliged to do so.
Speaking on Morning Live, South African Reserve Bank Deputy Governor and CEO of the Prudential Authority Kuben Naidoo says depositors will be able to get their money.
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