VBS Mutual Bank

VBS Mutual Bank Of South Africa

VBS Mutual Bank Of South Africa

VBS Mutual Bank Of South Africa, VBS Mutual Bank is a South African mutual bank. It was formed as Venda Building Society in 1982, and became a mutual bank in 1992. By 2016 the bank reportedly had around 30,000 depositors with all deposits in the bank totalling R800 million. In 2017 the bank listed on the South African Stock Exchange.  Most of its branches and clients are located in Limpopo province.

History

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.

 

Curatorship

Following liquidity problems, VBS Bank was placed under curatorship on 11 March 2018 in terms of the South African Banks Act, Act 94 of 1990, by the South African Reserve Bank (SARB). A report released by the SARB in October found evidence of wide-scale looting, fraud and corruption, and recommended that bank leadership, public officials and auditors be criminally charged and held liable in civil proceedings. The report found that R1,894,923,674 (US$ 130 million) was transferred from the Bank to fifty three individuals between 15 March 2015 and 17 June 2018. According to the report, R16,148,569 (US$1.09 million) of that money went to Brian Shivambu, younger brother of the Economic Freedom Fighter senior politician Floyd Shivambu. The report also implicated the African National Congress’s deputy chairperson for Limpopo, Florence Radzilani, and treasurer, Danny Msiza

 

Our Vision

We aim to be South Africa’s Leading Specialist Corporate and Retail Bank

Our Values

We live and operate amongst our customers and business partners who are our neighbours and friends

We understand our strategic importance in society by maintaining highest standards of governance, local empowerment and ethics

Our Mission

We understand that the needs of our customers are unique and specific by delivering tailor made, high quality and innovative products and services

We leverage our local expertise and understanding in the provision of specialised corporate, retail banking products and services to our defined target market and business partners

BEE Grading

VBS Mutual Bank is a bona fide BBBEE organisation. We are a level 1 contributor and our recognition level in terms of BBBEE is 135%. Our BBBEE certificate reflects the full details.

BBBEE Certificate

 

CONTACT DETAILS

Thohoyandou Branch

Branch Manager: Mr. P. Tshililo
Thohoyandou Business Area
Stand 27
Upper Ground Floor
P.O. Box 845
Thohoyandou
0950
Tel: (015) 962 0275
(015) 962 0295
(015) 962 0190
Fax: (015) 962 3685
E-mail: PTshililo@vbsmutualbank.co.za



Sibasa Branch

Branch Manager: Eric Vhambelani
Gammbani Shopping Centre
Mphephu Street
P.O.Box 845
Sibasa
0970
Tel: (015) 963 0030
Fax: (015) 963 1219
E-mail: evhambelani@vbsmbank.co.za

Makhado Branch

Branch Manager: Takalani Davhana
Noor centre
Shop 2
29 Songozwi Street
Louis Trichardt
0920
Tel: (015) 516 0359
Tel: (015) 516 3542
Fax: (015) 516 2112
E-mail: TDavhana@VBSMutualbank.co.za

Thavhani Mall Branch

Branch Manager: Azwi Kutama
Shop L48B & L48C
Thavhani Mall
Erf 233
Thohoyandou Ext
Thohoyandou
0950
Tel: (015) 960 8180
E-mail: AKutama@vbsmbank.co.za

Durban Branch

Branch Manager: Siphumelele Mazibuko
333 Dorothy Nyembe Street
Durban Central
Durban
4001
Tel: (031) 814 5200
E-mail: smazibuko@vbsmbank.co.za

Johannesburg Branch

Branch Manager: Lebo Moroe
72 Von Weilligh Street
Marble Towers Suite 23
Johannesburg
2000
Tel: (011) 225 2320
Fax: (011) 338 9089
E-mail: kmoroe@vbsmbank.co.za

Corporate Office

82 Wessels Road
Metropolitan Office Park
Block G
First Floor
Rivonia
2191
Tel: 011 037 5400
Fax: 011 234 2745
Email: corpoffice@vbsmbank.co.za

Customer Service Numbers

Personal

Customer Service Call Center

1-800-972-3030

Monday through Friday, 7 a.m. to 8 p.m. EST

Saturday, 8:30 a.m. to 5 p.m. EST

Closed Sunday

Lost or Stolen Bank Card

1-800-782-0279

24 hrs, 7 days a week

TDD

1-800-546-7068

Monday through Friday, 7 a.m. to 8 p.m. EST

Saturday, 8:30 a.m. to 5 p.m. EST

Closed Sunday

This number requires a compatible TDD/TTYL machine

Apply for a Home Loan or Refinance

1-866-351-5353

Monday through Thursday, 8 a.m. to 8 p.m. EST

Friday, 8 a.m. to 6 p.m. EST

Saturday, 9 a.m. to 3 p.m. EST

Small Business

Customer Service Call Center

Existing customers: Get immediate access to a Client Support Professional for in-depth support.

1-877-534-2264

bbgsupport@53.com

Extended service hours:

Monday through Friday, 7 a.m. to 10 p.m. EST

Saturday, 8:30 a.m. to 5 p.m. EST

For questions about existing accounts:

1-877-534-2264

To open a new account:

1-866-531-4249

Commercial

Commercial Support Center:

1-866-475-0729
Monday through Friday, 7 a.m. to 10 p.m. EST