Black ownership of banks continues to fall
Intellidex report says decline is mostly due to a continued exit of shareholders who received shares through empowerment schemes
09 March 2020 - 18:09
Black ownership of SA banks has declined for the past two years as shareholders who came in on the wave of empowerment deals in 2005 continue to sell their shares to diversify their investments.
On other transformation measures, though — such as black representation in management — the banking sector has surpassed empowerment targets with as much as 85% of junior management now black, says the 2019 “Transformation in Banking Report” published by the Banking Association SA on Monday...
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.