Barclays Africa sets its sights on empowerment deal
The banking group aims to meet Financial Sector Code target
With financial services transformation in the spotlight at parliamentary hearings, Barclays Africa is planning to conclude another large empowerment deal to meet the 25% ownership target required by the Financial Sector Code (FSC).
Although the "once empowered, always empowered" rule still stands under the financial services charter and the group no longer enjoys the full credentials obtained from its previous large empowerment transaction, the banking group has indicated it is planning another deal.
Speaking after the group’s annual meeting on Tuesday, Barclays Africa chairwoman Wendy Lucas-Bull said the group planned to conclude an empowerment deal, having obtained clarity on the “once empowered, always empowered” principle.
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