Ramos tells of green light for Barclays Africa black empowerment transaction
Barclays had given subsidiary Barclays Africa the go-ahead for another black economic empowerment transaction when it divests from the business, Barclays Africa group CEO Maria Ramos said on Tuesday. The deal would represent 1.5% of the bank’s issued share capital. Barclays holds 50.1% of Barclays Africa. Ramos said at a parliamentary hearing on financial-sector transformation that this BEE transaction would give black South Africans a chance to increase their direct and indirect shareholdings in the group. Black ownership now stands at 17.36%. The public hearing was held jointly by the finance and trade and industry committees. Ramos highlighted Absa’s commitment to transformation, but said more needed to be done. "At Barclays Africa, transformation goes beyond compliance with the scorecard. Our task is to create a truly transformed organisation where we empower our people to fulfill their purpose," she said. "Much progress has been made building a strong pipeline of black talent t...
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