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SARB welcomes applications for new mutual banking licence

The Bank said it received several letters from people interested in reviving the scandal-hit VBS Mutual Bank.

The South African Reserve Bank. Picture: Supplied.

JOHANNESBURG - The South African Reserve Bank (Sarb) said anyone who wishes to apply for a new mutual banking licence is welcome to do so.

The Bank said it received several letters from people interested in reviving the scandal-hit VBS Mutual Bank.

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

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

The scandal led to the bank’s assets being sold to recover monies owned to depositors.

With many saying the demise of VBS has created a vacuum for low-income investors, the South African Reserve Bank said it welcomed any engagements with parties who wish to enter the financial sector.

However, its warned that the application process for a banking licence is a relatively long one and could take up to two years.

Eight people have appeared in court in connection with the VBS saga.

The Reserve Bank said to date, over 98% of deposits that were guaranteed by government have been claimed.

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