VBS has plans to list on the JSE

VBS MUTUAL Bank, which made headlines last year after it gave President Jacob Zuma a loan to reimburse the state for upgrades to his personal home, plans to list on the JSE, its chairman said yesterday. The bank lent Zuma R7.8 million after a court ordered he pay back part of the R246m the state spent on his luxury home. The lender, whose clients are mostly rural homebuilders or small businesses, plans to expand from only four branches now to a nationwide network, chairman Tshifhiwa Matodzi said yesterday. “It is a no-brainer to list within the next 3 years,” Matodzi said after a media conference. VBS has its roots in a 1980s building society based in Venda. It has 30 000 clients with deposits of around R800m. – Reuters