Business In The News South Africa

Black Business Council tries to intervene on behalf of VBS Mutual Bank

JOHANNESBURG, March 12 – 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 […]

Business In The News South Africa

SA civic organisation calls for action against municipalities over VBS Bank investments

JOHANNESBURG, March 12 – The South African National Civic Organisation (SANCO) has called for action against municipalities that invested their finances with the troubled Limpopo-based VBS Mutual Bank. This follows South African Reserve Bank (Sarb) Governor Lesetja Kganyago’s announcement on Sunday that the bank had been placed under curatorship. VBS is facing a liquidity crisis after […]

Lead South Africa

SARB to clarify VBS Mutual Bank situation

JOHANNESBURG, March 11 – The South African Reserve Bank (SARB) will on Sunday clarify the liquidity status of troubled Venda-based VBS Mutual Bank and whether it will be put under curatorship. SARB governor Lesetja Kganyago and the Registrar of Banks Kuben Naidoo will update media on VBS Mutual Bank at the central bank’s headquarters in […]

Lead Opinion South Africa

The big SARB nationalisation lie

All branches are created equal. But some branches in Saxonwold and Sandton are apparently more equal than others… By Khaya S Sithole JOHANNESBURG- Over 2 months ago, in a place called Nasrec, I sat in the company of visibly exhausted members of the Fourth Estate waiting for the economic doyenne of the African National Congress […]

Business In The News South Africa

Viceroy report into Capitec an attempt to downgrade SA banking sector – Sanco

CAPE TOWN, January 30- The South African National Civic Organisation (Sanco) on Tuesday said United State-based research group Viceroy’s report into Capitec Bank was an attempt to downgrade SA’s financial and banking sector and to undermine an economy that is on the rebound post the African National Congress (ANC) conference which elected Cyril Ramaphosa as […]

Business In The News South Africa

Reserve Bank Governor Kganyago’s election as IMFC chair welcomed

JOHANNESBURG, January 19 – The Finance Minister, Malusi Gigaba, on Thursday, announced that SA Reserve Bank (Sarb) Governor, Lesetja Kganyago, was selected as chairman of the International Monetary and Financial Committee (IMFC). Kganyago, who is also South Africa’s Alternate Governor on the International Monetary Fund (IMF) Board of Governors, would chair for a three-year term, […]