Malema hopes to stop liquidation of VBS or support new, similar bank

Malema hopes to stop liquidation of VBS or support new, similar bank

- Julius Malema, leader of the Economic Freedom Fighters, wants to look at saving VBS Mutual Bank

- According to Malema, the bank was targeted by it's competitors

- If he can't save the bank, Malema will look at supporting bankers who want to start a similar bank

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Julius Malema is disappointed that VBS Mutual Bank has been closed down and blames "mainstream" competition for its liquidation.

We should be ashamed of ourselves, all of us decided to fold our arms when a black bank was being closed down because there was this narrative that anyone who tries to save it is corrupt.

Malema says the EFF also turned their back on VBS but says the party will now pursue options to either save the bank or support a new black-owned bank.

The Citizen reports that Malema will be consulting expert lawyers and bankers to advise him on how to do this.

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Malema says if there's still a way to appeal the liquidation, the EFF will look at doing so.

The EFF leader also said if there is no way to save the bank, he would look at working with bankers who want to start a similar bank.

He would support them and help them get a license.

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Source: Briefly.co.za

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