JOHANNESBURG - VBS Mutual Bank will retrench about 90 workers in a bid to reduce costs.
The move comes after claims that nearly R2-billion was looted from the bank.
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An investigation was launched after the South African Reserve Bank placed the bank under curatorship back in March.
A recent report implicated various public officials in the looting.
But the Progressive Professionals Forum says the institution shouldn't be closed and instead, a strategy should be put in place to save it.
The PPF is a body of professionals, academics and entrepreneurs who contribute towards the country's development through their expertise and resources.
The organisation is supportive of the ANC and its policies.
PPF deputy president, Kashif Wicomb, spoke to eNCA.