Intellidex report says decline is mostly due to a continued exit of shareholders who received shares through empowerment schemes
Black ownership of SA banks has declined for the past two years as shareholders who came in on the wave of empowerment deals in 2005 continue to sell their shares to diversify their investments.
On other transformation measures, though — such as black representation in management — the banking sector has surpassed empowerment targets with as much as 85% of junior management now black, says the 2019 “Transformation in Banking Report” published by the Banking Association SA on Monday.
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