BUSINESS South African central bank takes control of VBS Mutual Bank

BUSINESS

South African central bank takes control of VBS Mutual Bank

Reuters

03:09, March 12, 2018

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South African Reserve Bank governor Lesetja Kganyago listens during an interview in New York City, in New York, U.S. November 9, 2017. (Photo: REUTERS)

South African small lender VBS Mutual Bank has been placed under curatorship because of liquidity issues, Reserve Bank Governor Lesetja Kganyago told a televised news conference on Sunday.

Curatorship means the central bank can appoint an independent administrator or curator to run the bank, which was thrust into the spotlight in 2016 when it provided a 7.8 million rand ($660,000) loan to former president Jacob Zuma to reimburse the state for upgrades to his personal home.

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