About VBS Mutual Bank
A wholly black-owned specialist corporate finance and retail bank.
Registered with and regulated by the SARB, under banking license number 1051, governed by the Mutual Bank's Act, 1993.
Established in 1982 and initially operated as Venda Building Society.
Corporate Head Office in Rivonia, Johannesburg and a spread of branches mainly in Limpopo.
We aim to be South Africa's Leading Specialist Corporate and Retail Bank
We live and operate amongst our customers and business partners who are our neighbours and friends
We understand our strategic importance in society by maintaining highest standards of governance, local empowerment and ethics
We understand that the needs of our customers are unique and specific by delivering tailor made, high quality and innovative products and services
We leverage our local expertise and understanding in the provision of specialised corporate, retail banking products and services to our defined target market and business partners
VBS Mutual Bank is a bona fide BBBEE organisation. We are a level 1 contributor and our recognition level in terms of BBBEE is 135%. Our BBBEE certificate reflects the full details.
*The "other" shareholders that make up 48% of the shareholding comprise more than 300 shareholders whom individually holds 3% or less, all black African.
2nd Row (from left to right) - Mr M Mavuso, Mr L.N.
Mudau, Mr P.N. Truter (CFO/Company Secretary),
Mr T. Matodzi (Chairperson), Mr N.V. Nevhuhulwi, Mr M. Manwadu, Mr
A.M.A. Ramavhunga (CEO)
1st Row (from left to right) - Mr M. W. Muvhulawa, Mr E. Nesane, Ms B. L. Mapongwana (Dep. Chairperson), Mr P. A. Ramikosi
Membership of the Directors' Affairs Committee
Membership of the Credit Committee
Membership of the Audit Committee
Membership of the Risk and Compliance Committee
Membership of the Human Resources Committee
Membership of the IT and
Go-To-Market Committee
Membership of the Assets and Liabilities Committee
Press release Date : 01 November 2017
Regret over Fraudulent Claims against VBS Mutual Bank in the Virgin Islands
VBS Mutual Bank notes with concern an article in an online publication www.stthomassource.com headlined "Banking Board Warns Virgin Islanders Against VBS Mutual Bank." The article claims that consumers in the Virgin Islands have been receiving telephone requests for monetary deposits from individuals who identify themselves as officers of VBS Mutual Bank or its alleged affiliates, US Virgin Islands Money PLC and Virgin Money Offshore Group PLC.
VBS Mutual Bank hereby states it on record that it has never deployed any of its staff members to source monetary deposits from consumers in the Virgin Islands and it has no affiliation, no knowledge of existence and has never conducted any business with the US Virgin Islands Money PLC and Virgin Money Offshore Group PLC entities.
VBS Mutual Bank further clarifies that it does not do any business in the Virgin Islands and it has no US Presence in any form whatsoever which clearly indicates that some individuals may be fraudulently claiming to represent VBS Mutual Bank when they are not.
We regret all the fraudulent claims against VBS Mutual Bank as stated in the article and the bank will continue to implement stringent security measures to ensure that all its clients are protected against fraud by individuals falsely masquerading as VBS Mutual Bank's representatives.
We reassure all our stakeholders that the bank remains committed to being a good corporate citizen and we will cooperate with any investigation by any authority into the criminal conduct of the individuals who are falsely masquerading as VBS Mutual Bank's representatives
We will also write a letter to the Virgin Islands' Banking Board to distance VBS Mutual Bank from both the individuals who falsely masquerade as VBS Mutual Bank's representatives and the alleged affiliates.