Banking industry sets out ‘robust’ transformation agenda
The banking industry has decided to take a far more "robust" approach to transformation of the sector, Banking Association SA MD Cas Coovadia said on Wednesday. Banks would proactively seek to achieve equity representation at senior and executive management, as well as to ensure that they procure from small and medium owned enterprises, Coovadia said in an address to the Cape Town Press Club. Equity also needed to be achieved in the procurement of professional services such as legal, conveyancing and auditing services. The sector also wants to broaden financial inclusion and increase the number of transactions conducted on bank accounts. "We do want to become more robust and take charge of this process," Coovadia said. Rather than being dragged along, the industry wanted to make transformation its own agenda. If not, it would not be doing business in 20 years’ time, as society would implode. "We can’t wait. We just don’t have the luxury as a country," he said. His comments come ahea...
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