We're above board, insists Zuma's bank
14 September 2016
Cape Town - VBS Mutual Bank, the institution that granted President Jacob Zuma a R7.8m bond to pay for non-security upgrades to his home at Nkandla, has a credible track record and adheres strictly to principles of sound corporate governance, it said in a statement on Wednesday.
VBS Mutual Bank chief executive officer Andile Ramavhunga said the bank would under no circumstances release information about the business dealings of its clients.
This comes after the presidency issued a media release on Monday, naming VBS Mutual Bank as the institution which granted Zuma a home loan to pay back the money for improvements to his Nkandla homestead.
Ramavhunga however clarified a number of issues, especially the fact that the bank is one of only a few institutions to grant loans to traditional communities.