Black-owned Africapacity Group offers to buy VBS Mutual Bank for R2 billion

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Black-owned investment company Africapacity Group is offering R2 billion to buy VBS Mutual Bank. VBS Mutual Bank collapsed after it was looted of R1.8 billion. The Africapacity Group believes VBS Mutual Bank, at the offered price, is a good investment and can continue to serve a more rural market.

The company claims to have raised about R7 billion.

From our funds, we can turn VBS into one of the major banks and we’ve got enough capital. We’re saying we’re ready to take this bank up.

— Matome Ratlabala, Chief Investment Officer – Africapaciti Group

Provisional liquidator Anoosh Rooplal has confirmed the unsolicited offer.

We have not entered into any advanced stages of negotiations… most discussions have been introductory…

— Anoosh Rooplal

Arabile Gumede (in for The Money Show’s Bruce Whitfield) interviewed Matome Ratlabala, Chief Investment Officer at Africapaciti Group.

Listen to the interview in the audio below (and scroll down for more quotes from it).

The [big] four banks don’t look at the needs of black people… VBS will give you a bond to build a house in rural areas…

— Matome Ratlabala, Chief Investment Officer – Africapaciti Group

That one [how they raised R7 billion] is a topic for another day. But we have raised the money… it’s not a new story. They [Sarb] know about it.

— Matome Ratlabala, Chief Investment Officer – Africapaciti Group

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