Absa staff in line to benefit from BEE deal worth R9.5bn
Bank says its new empowerment scheme could constitute up to 8% of its issued share capital
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...