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Sarb: Africapacity must get banking license in order to buy VBS Bank

VBS was placed into liquidation by the High Court of South Africa last November and its banking activities and license suspended.

FILE: VBS Mutual Bank in Thohoyandou. Picture: Sethembiso Zulu/EWN

JOHANNESBURG - The South African Reserve Bank on Thursday reacted to reports that Africapacity intended to buy VBS Mutual Bank or part thereof by saying it needed to first obtain a banking license.

VBS was placed into liquidation by the High Court of South Africa last November and its banking activities and license suspended.

The offer to buy VBS Bank came almost a year after the Reserve Bank published a forensic report into the collapse of VBS Mutual Bank detailing how about R1.8 billion was looted.

While municipalities and other investors have lost hundreds of millions, the Reserve Bank said the VBS license was not transferable.

The Africapacity Group, which is based in Menlyn, said VBS was a good investment and could continue to serve a more rural market.

However, the Reserve Bank said VBS was under the control of the duly appointed provisional liquidator Anoosh Rooplal who said up to now, there had only been general discussions over the future of the bank.