Financial sector public hearings on transformation resume
Hearings focus on progress made in transforming the sector, especially in providing greater access to financial services
Parliament’s scrutiny of transformation in the financial sector resumes on Wednesday amid debate on the need for radical economic transformation to reduce the dominance of white monopoly capital. Over the past few months, major financial institutions have taken part in public hearings held jointly by the finance and trade and industry committees to recount progress made in transforming the sector, especially in providing greater access to financial services. Employment equity has emerged as a key challenge for a number of banks, while the asset-management industry has been identified as being concentrated in white hands. Calls have been made for the creation of a state bank to facilitate the financing of black-owned enterprises. Finance committee chairman Yunus Carrim has warned that the sector must transform voluntarily or be transformed by the government, emphasising that it was unacceptable that the country’s four major banks controlled 90% of the market. The financial sector man...
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