According to the Transformation Report, the extent of black ownership in the banking sector has decreased significantly as major empowerment schemes in the industry have expired and black shareholders have sold out
has decreased significantly as major empowerment schemes in the industry have expired and black shareholders have sold out.
“The reported ownership of banks declined between 2016 and 2017, using the measurement approach of the financial sector code black,” said Basa managing director Cas Coovadia. “The decline in economic interest has been less pronounced among black women. FirstRand, Investec and Capitec all reported increases,” Coovadia said.
“The codes do not only require us to make the employees, managers and ownership of financial institutions more representative of the people, but also to contribute to the growth, development and transformation of the entire economy.
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