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Johannesburg - Transformation is a business imperative and the banking sector has a large role to play, Standard Bank SA CEO Sim Tshabalala said on Friday.
He was addressing a Black Management Forum (BMF) discussion on the role of banks in transforming SA society following the recession.
"The role banks have to play is primarily through their everyday activities of lending, facilitating payments, and the movement of cash," Tshabalala said.
Transformation was usually understood in its narrowest context - that of racial transformation in employment.
"But banks can achieve more by providing loan capital and by supporting black small- and medium-(sized) enterprises, and banks can assist with the building of large black corporations, as well as the funding of affordable housing," Tshabalala said.
This, however, did not mean that employment equity was not important.
"Since 2005 the promotion of blacks at Standard Bank has risen... black executives have increased tenfold," Tshabalala said.
He, however, acknowledged that this was "still not enough".