March 11, 2018 / 3:27 PM / 3 months ago

South African central bank takes control of VBS Mutual Bank

JOHANNESBURG (Reuters) - South African small lender VBS Mutual Bank has been placed under curatorship because of liquidity issues, Reserve Bank Governor Lesetja Kganyago told a televised news conference on Sunday.

South African Reserve Bank governor Lesetja Kganyago listens during an interview in New York City, in New York, U.S. November 9, 2017. REUTERS/Shannon Stapleton

Curatorship means the central bank can appoint an independent administrator or curator to run the bank, which was thrust into the spotlight in 2016 when it provided a 7.8 million rand ($660,000) loan to former president Jacob Zuma to reimburse the state for upgrades to his personal home.

Reporting by Ed Stoddard, editing by Louise Heavens

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