'Banks must transform more'

PARLY COMMITTEE: CALL TO INCREASE BLACK OWNERSHIP AND SERVICES FOR MARGINALISED

- Brian Sokutu

» Standard Bank cites its major 'role in driving inclusive economic growth'.

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.

Chair Dr Joseph Maswanganyi is behind a push for the country's major banks - Standard Bank, FNB, Absa, Investec, Nedbank and Capitec to transform.

According to Maswanganyi, the call for transformation, includes:

► Ensuring that blacks own up to a 50% equity stake;

▸ Equitable financial participation in banking and inclusive economic growth; and

▸ An end to the prejudice suffered by most black-owned and previously marginalised South Africans who fall short of banking benchmarks, to receive financial services and assistance.

"We acknowledge developments made in the financial sector since 1994, when it comes to employing back people to managerial positions, which we applaud.

"We are raising the issue of transformation as it pertains to ownership, which is still dominated by white people.

"They cannot show us the 20% of blacks owning Standard Bank, except the level 1 B-BBEE rating [broad-based black economic empowerment]," said Maswanganyi.