Johannesburg – Absa Group [JSE:ASA]
said on Tuesday that the eight-year partnership between itself and its black economic empowerment (BEE) partner Batho Bonke had created value for both parties.
The group was commenting on the news that Batho Bonke is to sell off its R3.4bn stake in the group.
A subsidiary of Barclays Bank plc‚ Absa was the first of South Africa’s big four banks to conclude a substantial 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‚ said group chief executive‚ Absa Group and chief executive of Africa‚ Barclays‚ Maria Ramos
‚ the transaction has been a success‚ unlocking a substantial amount of financial benefits for a broad base of participants
These include community trusts‚ women’s groups‚ BEE companies‚ stokvels‚ small and medium businesses as well as historically disadvantaged individuals across South Africa’s nine provinces.
Ramos added that Absa looks forward to continuing its contribution to the transformation of the country.
* Follow Fin24 on Twitter