VBS Mutual Bank, which lent Jacob Zuma R7.8m, will list on the JSE
The bank, whose clients are mostly rural homebuilders or small businesses, plans to expand from four branches to a nationwide network
02 February 2017 - 18:34
VBS Mutual Bank, which made headlines last year after it gave President Jacob Zuma a loan to reimburse the state for upgrades to his personal home, plans to list on the JSE, its chairperson said on Thursday. The bank lent Zuma R7.8m after a court ordered he pay back part of the $16m the state spent on his luxury home. The lender, whose clients are mostly rural homebuilders or small businesses, plans to expand from only four branches now to a nationwide network, chairperson Tshifhiwa Matodzi said. "It is a no-brainer to list within the next three years," Matodzi said after a media conference.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.