July 14, 2004

Standard Bank commits to black economic empowerment by selling 10% stake

Standard Bank commits to black economic empowerment by selling 10% stake

South Africa's biggest banking group Standard Bank has announced that it would sell 10% of its business to black investors by selling the stakes for a total of 5.6bn rand. The deal is reported to be the biggest black empowerment transaction in South Africa's financial sector. "Standard Bank is firmly committed to black economic empowerment in South Africa and to the transformation requisites sited in the Financial Services Charter," said Jacko Maree, chief executive of Standard Bank Group. "We believe that meaningful participation by black people in the mainstream economy is essential to sustaining South Africa's successful economic and democratic structures." (Business Day, Johannesburg)

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