Remarks by the Governor of the South African Reserve Bank, Lesetja Kganyago, Press Conference: VBS Mutual Bank, 11 March 2018
Members of the media,
Ladies and Gentlemen,
Thank you all for being here today.
We have called today’s press conference in connection with VBS Mutual Bank, hereafter referred to as VBS.
VBS is registered with the South African Reserve Bank as a mutual bank. It was established in 1982 and initially operated as the Venda Building Society in the former Venda Homeland. VBS was granted a permanent mutual bank license on 11 October 2000. The legislative requirements of mutual banks are different from the regulatory framework for the supervision of commercial banks.