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. The group’s South African operation, Absa, previously concluded an empowerment scheme worth R5bn with the Batho Bonke consortium led by politician-turned-businessman Tokyo Sexwale in 2004. This gave the consortium 10% of the shares in Absa.Lucas-Bull said that...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.