It is baffling where the Treasury obtained its data on transformation in the financial services sector which, according to last week’s Budget Review, has been regressing. The review stated the Treasury would be talking to the Financial Sector Charter Council about certain matters including employment equity, financial inclusion, ownership and procurement, where it has identified issues. For example, there were fewer black faces in top management in 2015 than in 2013, with asset managers being an egregious manifestation of this. It also identified challenges in black direct ownership of banks and the promotion of smaller black-owned businesses. Consider Nedbank, which reported its results for the year to December on Tuesday. Of its four core units, two are led by black people, Ciko Thomas and Mfundo Nkuhlu. Its chief financial officer, Raisibe Morathi, is black. Both Morathi and Nkuhlu serve on the bank’s board. It has financed small businesses to the tune of R26bn in the 2016 financ...

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