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SARB: Several parties have shown interest in reviving VBS Bank

An estimated R2.7 billion went missing from VBS Bank through grand-scale looting that led to its collapse.

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

JOHANNESBURG – The South African Reserve Bank (SARB) said it has received a number of letters from people who were interested in reviving scandal-hit VBS Mutual Bank.

VBS Bank was placed under curatorship in 2018 and subsequently placed into liquidation by the courts.

This means the bank's assets are being sold to recover monies owed to depositors.

An estimated R2.7 billion went missing from the financial institution through grand-scale looting that led to its collapse.

Eight people have appeared in court in connection with the crime.

The Reserve Bank said to date, over 98% of deposits – guaranteed by government – had been claimed.