PIC undertakes to cooperate with VBS Mutual Bank curator
Channel: F5 News
Date: 2018-03-13

PIC undertakes to cooperate with VBS Mutual Bank curator.

Cape Town – The Public Investment Corporation (PIC), one of the main shareholders of VBS Mutual Bank, said it will cooperate with the bank’s curator to find a way forward for the institution.
In a statement issued on Monday the PIC, which has a 27% shareholding in VBS, said it has noted the South African Reserve Bank’s (SARB's) decision to place the bank under curatorship given its liquidity crisis.
SARB governor Lesetja Kganyago made the announcement at a press briefing on Sunday.
The central bank became aware that VBS received a large number of deposits from municipalities 18 months ago, which it viewed as risky because the bank used the short-term deposits for long-term loans, deputy governor Kuben Naidoo said at the briefing.
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