VBS shareholders vow to raise R2 billion

Reading Time: < 1 minute

About 2000 VBS minority shareholders have vowed to raise about R2 billion from various sources to save the troubled mutual bank. The bank was put under curatorship by the Reserve Bank in March after it was realised that over a billion rand was misused through fictitious accounts and corruption.

The bank’s 22 000 customers have been transferred to Nedbank to transact and access their cash.

“They will go and see where they can find the funding and what type of funding. We are expected to raise more or less R2 billion,  so it may not come from the community only but it will be a combination of whatever we get, the community will raise. We will raise and if we get other sources then we will look into that and combine and get a full funding,” says Minority shareholder spokesperson Madambi Muvhulawa.

Click below for more on the story: