We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

Absa, SA’s fourth-biggest bank by market value, is considering a second broad-based BEE (BBBEE) scheme to make a more meaningful contribution to transformation in the financial services sector.

The bank, which shocked the market in April when its first black CEO stepped down after differences with its board, said in a statement on Wednesday that its proposed new BBBEE scheme could constitute up to 8% of its issued share capital. That would equate to about R9.5bn, based on Absa’s share price on Wednesday, for a deal that is expected to include third-party investors and staff...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now

Would you like to comment on this article?
Register (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.

Commenting is subject to our house rules.