Absa, one of South Africa's largest financial services groups, and a subsidiary of Barclays Bank Plc, was the first of South Africa's big four banks to conclude a substantial black economic empowerment (BEE) transaction with the sale of 10% of its equity, with full voting rights, to the broad based Batho Bonke empowerment consortium in July 2004.
Eight years later the transaction has been a success, unlocking a substantial amount of financial benefits for a broad base of participants including community trusts, women's groups, BEE companies, stokvels, small and medium businesses as well as historically disadvantaged individuals across South Africa's nine provinces.
Group chief executive of Absa Maria Ramos, says the deal has benefited both Absa and the Batho Bonke empowerment partners. "Absa was among the first financial services companies to implement a BEE deal. This has created value for Absa and broad based historically disadvantaged individuals and groups. We'd like to thank Batho Bonke for their contribution. We look forward to continuing our contribution to the transformation of the country."
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