The parliamentary portfolio committee on finance is pushing South Africa's major banks to accelerate their transformation efforts, demanding a 50% black equity stake and an end to prejudice against black-owned and previously disadvantaged businesses seeking financial services. While Standard Bank CEO Sim Tshabalala and his deputy Kenny Fihla acknowledge progress in hiring black South Africans, the committee insists on more substantial ownership and equitable service access. Standard Bank defends its commitment to inclusive economic growth, highlighting its lending, infrastructure support, and renewable energy investments.
Standard Bank Group CEO Sim Tshabalala and his deputy Kenny Fihla may be black and several historically disadvantaged South Africans occupy key positions in the institution, but that does not go far enough for the parliamentary portfolio committee on finance.
“The bank’s economic impact extends beyond direct services, with roughly 92% of its lending directed towards productive economic activity. “Standard Bank also facilitated over nine gigawatts of renewable energy capacity and committed more than R60 billion to the renewable energy independent power programme,” Fihla added.
BANKING TRANSFORMATION SOUTH AFRICA BLACK OWNERSHIP ECONOMIC GROWTH
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