JOHANNESBURG - The Black Business Council (BBC) said on Monday that it notes with serious concern events that culminated in the placing of the troubled VBS Mutual Bank (VBS) into curatorship by the South African Reserve Bank (SARB), and that it was engaging all relevant stakeholders to find an amicable solution.
SARB Governor Lesetja Kganyago announced on Sunday afternoon that VBS Mutual Bank had been placed under curatorship with immediate effect.
Kganyago said thay VBS experienced increasing liquidity challenges over the last 18 months emanating from a failure of the board of directors and executive management to manage the bank’s rapid growth and its funding and liquidity position.
This had resulted in VBS being placed under intense regulatory scrutiny.
BBC chief executive, Kganki Matabane, said that they were concerned about the details of the circumstances leading to this unfortunate curatorship of VBS Bank.