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South Africa is lagging behind in its transformation crusade, given that Standard Bank and Nedbank have less than 1% black ownership and neither have concluded black economic empowerment (BEE) transactions for a decade.
BLACK ECONOMIC EMPOWERMENT BEE

South Africa’s transformation drive under scrutiny as JSE black ownership remains low 

There were replacement transactions at Old Mutual and Absa, with FirstRand, Sanlam and Capitec retaining black ownership. But Standard Bank and Nedbank have less than 1% black…

  • Brian Sokutu
5 min read