{"id":46436,"date":"2023-03-31T21:18:15","date_gmt":"2023-03-31T21:18:15","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/absa-eyes-black-ownership-of-more-than-a-quarter-with-r11-2bn-empowerment-scheme"},"modified":"2023-03-31T21:36:31","modified_gmt":"2023-03-31T21:36:31","slug":"absa-eyes-black-ownership-of-more-than-a-quarter-with-r11-2bn-empowerment-scheme","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/absa-eyes-black-ownership-of-more-than-a-quarter-with-r11-2bn-empowerment-scheme","title":{"rendered":"Absa eyes black ownership of more than a quarter with R11.2bn empowerment scheme"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Absa has announced a new broad-based black economic empowerment (B-BBEE) scheme worth R11.2 billion that will increase its black ownership by about 7 percentage points.<\/p>\n

Its last empowerment report showed black share ownership stood at 17.56% in 2021, with the bank saying that after the transaction, its black ownership will exceed the 25% threshold set out in the Financial Sector Charter.<\/p>\n

The bank hopes to implement the deal before the end of this year, with shareholders set to vote on the matter on 2 June.<\/p>\n

A Corporate Social Investment (CSI) trust, for the benefit of black communities, will indirectly own a 4% shareholding, while a staff trust will indirectly hold 3% of Absa.<\/p>\n

Black staff members in South Africa will receive just over 82% of the value of the staff trust, it said, while the equivalent of approximately 1% of Absa will be made available to staff employed by subsidiaries in other markets.<\/p>\n

The CSI trust will focus on education and youth employability, and the beneficiaries will be reviewed annually. The trust will receive an annual dividend equal to 25% of the dividend per share paid by Absa, with staff receiving the same. All employees are eligible, though black staff members will receive an additional 20% allocation, and the shares will vest after five years.<\/p>\n

“The transaction was specifically designed to align with our intent of being an active force for good, firmly demonstrating our commitment to broad-based black economic empowerment as we build a diverse and inclusive organisation not only in South Africa but also more broadly across our business,” said Absa CEO Arrie Rautenbach in a statement.<\/p>\n

Apart from the ownership targets set out in the Financial Sector Charter, Absa also previously made commitments to its second-biggest shareholder, the Public Investment Corporation (PIC), to improve the level of transformation in the bank.<\/p>\n

Absa also had a major exco shake-up in 2022, which saw it promote four black executives to the exco, bringing black representation at its leadership level closer to 50%.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Absa has announced a new broad-based black economic empowerment (B-BBEE) scheme worth R11.2 billion that will increase its black ownership by about 7 percentage points. Its last empowerment report showed black share ownership stood at 17.56% in 2021, with the bank saying that after the transaction, its black ownership will exceed the […]<\/p>\n","protected":false},"author":84,"featured_media":46434,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[1295,274,315,1294,4899,4898,275,1041],"class_list":["post-46436","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-absa","tag-africa-press","tag-africa-press-south-africa","tag-arrie-rautenbach","tag-b-bbee-scheme","tag-empowerment-deal","tag-south-africa-2","tag-transformation"],"yoast_head":"\nAbsa eyes black ownership of more than a quarter with R11.2bn empowerment scheme - South Africa<\/title>\n<meta name=\"description\" content=\"Absa has announced a new broad-based black economic empowerment (B-BBEE) scheme worth R11.2 billion that 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