National 13.9.2016 03:31 pm

Here are five facts on the bank that paid Zuma’s Nkandla debt

President Jacob Zuma. Picture: Michel Bega

President Jacob Zuma. Picture: Michel Bega

We’ve listed five key facts about the Venda Building Society Mutual Bank, from which Zuma secured a R7.8 million loan to pay for his Nkandla upgrades.

Yesterday, it was reported President Jacob Zuma finally coughed up R7.8 million he owed National Treasury for nonsecurity upgrades at his Nkandla homestead.

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Zuma was granted a bond home loan by VBS bank, which until now has been barely known. Here are the five key facts about the bank:

  1. The bank posted a net profit of R4.9 million in the last financial year – this was the first time in a while, as it has experienced a decline in overall profits of late.
  2. The majority shareholder of the bank is the Public Investment Corporation, which holds a 25% stake, followed by Dyambeu Investments.
  3. According to The Sowetan, the bank has total assets valued at R1 billion.

    Andile Ramavhunga, CEO of VBS.

    Andile Ramavhunga, CEO of VBS.

  4. The CEO of the financial institution is Andile Ramavhunga, listed on his professional profile as having extensive experience in the financial industry, mainly in financial accounting, auditing, financial management, risk management, compliance and corporate governance. He has worked for 14 years for top companies such as Deloitte, FirstRand, Absa, the Land Bank, Ithala and the Small Enterprise Finance Agency.
  5. The bank has implemented a funding strategy that sources cash from municipalities  and institutions and not just the public. This strategy yielded results, as funding to the tune of R280 million was raised from municipalities and institutions in the current financial year.

See interactive map of all the Venda Building Society Mutual Bank branches below.

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