South Africa’s VBS Mutual Bank Fails Amid ‘Severe Liquidity Crisis’

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VBS Mutual Bank, one of South Africa’s smallest lenders, has been put into administration after it was unable to repay money owed to municipalities, according to the country’s central bank.

Photographer: Christopher Goodney/Bloomberg

The management team was relieved of its duties and a curator from the auditing firm SizweNtsalubaGobodo has been put in place following a “severe liquidity crisis,” Lesetja Kganyago, governor of the South Africa Reserve Bank, told reporters on Sunday. Retail depositors’ money is…

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