GBS Mutual Bank, based in Grahamstown, is one of the oldest banks in the Republic of South Africa (RSA). It offers share and term deposits, tax free and ordinary savings accounts, residential and commercial mortgages, asset based finance, investment loans, bridging loans, foreign exchange and other services.
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According to the Fin bond website, its aim is to encourage people to save by creating a safe place to deposit money and to offer benefits, such as interest on deposits and dividends on mutual bank shares, and to invest conservatively for the purpose of generating profit.
The Bank has built its reputation and business on a solid foundation of honesty, integrity and an ethos which places value in serving its clients and members.
What Is a Mutual Bank in South Africa?
One of the central aims of a ‘mutual bank’ is to promote savings, and one of the ways it does this is to provide ownership in the bank for people who deposit money. Such depositors become entitled to vote at shareholder meetings, for example, and they also receive dividends on shares.
Who Founded VBS Bank?
How do mutual banks work?
They do not have shareholders, but rather are owned mutually by their depositors. They cannot be bought and answer only to their customers. Free from stockholder calls for larger returns, mutual institutions tend to be locally focused and woven into the fabric of the communities they serve.
What Is the Difference Between a Commercial Bank and A Mutual Savings Bank?
S&Ls are owned and chartered differently than commercial banks. More of their customer-base tends to be locally-drawn. S&Ls can be owned in either of two ways. Under what is known as the mutual ownership model, an S&L can be owned by its depositors and borrowers.
Is Finbond a Bank?
Finbond Mutual Bank has a credit client base of 330,000 and 45,000 active monthly clients.
Head Office Address:
18-20 Hill Street, Grahamstown
Tel.:+27 (0) 46 622 7109