Matsila Trust shows interest in reviving VBS Mutual Bank

The South African Reserve Bank says it's received communication from the Matsila Development Trust, which is interested in reviving VBS Mutual Bank. The trust was established by the Matsila Royal Family of Limpopo. eNCA Money anchor Rofhiwa Madzena has more. Courtesy #DStv403

JOHANNESBURG - The South African Reserve Bank says it has received communication from the Matsila Development Trust which is interested in reviving VBS Mutual Bank. 

The trust, which was established by the Matsila Royal Family of Limpopo, wants to reintroduce the bank to the market as a commercial bank.

"The idea to revive the bank came out of a need that we see after the collapse of VBS bank left a huge gap in terms of financial assistance to grow the economy and create jobs at the local level," said Chief Livhuwani Matsila.

READ: Another VBS suspect arrested

The interest in reviving the bank comes two years after thousands of people lost everything when the bank was looted.

Meanwhile, market analyst, Nesan Nair, says reviving the bank might not be a bad idea.

"It's going to be difficult but there are always opportunities and I think the focus should be on how you exploit opportunity in the face of what's a lot of competition," he said.

Source
eNCA

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