JOHANNESBURG – Africa’s biggest banking group, Standard Bank and its insurance firm Liberty will each sell 10 per cent of their South African businesses to black investors for around 5,6 billion rand (N$5,6 billion), they said on yesterday.
The investors include prominent black businessmen Cyril Ramaphosa and Saki Macozoma. Speculation that the continent’s largest banking group by assets was on the verge of concluding a deal with a black group has mounted rapidly since Standard Bank announced plans in May to raise capital to fund share buybacks or an empowerment deal.Standard holds a 30 per cent controlling share of Liberty.-Nampa-ReutersSpeculation that the continent’s largest banking group by assets was on the verge of concluding a deal with a black group has mounted rapidly since Standard Bank announced plans in May to raise capital to fund share buybacks or an empowerment deal.Standard holds a 30 per cent controlling share of Liberty.-Nampa-Reuters
Stay informed with The Namibian – your source for credible journalism. Get in-depth reporting and opinions for
only N$85 a month. Invest in journalism, invest in democracy –
Subscribe Now!