VBS bank recently made headlines, but not necessarily the kind it wanted. It has been linked to money laundering and other financial crimes, which put it at risk of being shut down by the South African Reserve Bank (SARB). This article explores VBS Bank and its history as well as its current issues with the SARB and what might come next. It also describes why you should be concerned about your own business banking relationship with VBS if you have one at all so that you can protect yourself from any possible fallout from this bank’s financial problems.
How it all started
A group of people with the aim found VBS in 1997 to help those who had been left out of the formal banking sector. The bank was originally called Volkskas, and it opened its doors on May 1, 1998, to provide financial services that were unavailable to low-income earners. The name Volkskas means people’s bank or bank for the people. In 2001, Volkskas became a registered credit provider and started doing business as VB Solutions Ltd.
Public and Private Investments
VBS stands for Volkskas Building Society, and it was established by Rudolf Strydom. The bank was a spin-off of the Volkska Building Society (Rudolf Strydom). It has over 1,000 employees and is headquartered in Johannesburg, Gauteng. The company’s goal is to provide banking services to low-income earners, which made up 95% of the population in South Africa. As well as offering savings accounts, loans, and investments that were previously unavailable to the poor.
