RESULTS AND GOVERNANCE
GBS Mutual Bank is governed by the Mutual Banks Act, 1993, and regulated by the South African Reserve Bank (certificate number 1002). We are an authorised financial services provider, overseen by the Financial Services Board (licence number 1115). The Bank is also regulated by the National Credit Regulator (certificate NCR CP 23).
We have no majority shareholders – share depositors (who essentially own the equity of the bank) are allowed to hold a stipulated maximum number of shares, as determined periodically by the board of directors.
We are governed by a board of directors comprising both non-executive and executive members, with a majority of non-executive members to ensure sufficient independence.
The bank is conservative in its approach to lending, preferring secured finance above other forms of lending. Liquidity and capital adequacy are prioritised above profitability.
Further details on relevant legislation and regulatory bodies can be obtained from the following resources:
- The South African Reserve Bank
- Mutual Banks Act
- The National Credit Act
- The Code of Banking Practice
- The Financial Intelligence Centre Act (FICA)
- Financial Advisory and Intermediary Services (FAIS)
- Financial Sector Conduct Authority
- The Ombudsman for Banking Services
- The Ombudsman for Financial Services Providers (FAIS)
Download our latest audited financial statements: