VBS Mutual Bank Linkedin
Financial executive with broad experience in all aspects of Accounting, Auditing, Financial management, Risk management, Compliance and Corporate governance. Direct experience with Short term and long term insurance, Retail banking, Private Equity Finance and Property Management. My experience was gained over a period of 14 years with the following companies: Deloitte, Firstrand, Absa, Landbank, Ithala and sefa.
Prior to 2014 the bank was relatively small and primarily involved in retail banking with many of its depositors consisting of burial societies and stokvels. The bank in turn issued mortgages and short term loans to its clients allowing them to use their property or banking deposits as collateral. The South African Public Investment Corporationinherited its shares in VBS bank when it succeeded the pension fund of the Venda bantustan government thereby giving it a 25% ownership stake in the bank. Largest shareholder in the bank was the Venda royal family which owned 51% of the bank.
Prior to coming under curatorship in 2018 the bank gain notoriety in 2016 when it gave a R7.8 million loan to then President Jacob Zuma when he was ordered to repay the state for controversial improvements to his personal homestead at Nkandla.