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January 22, 2008

Banks threaten to pull billions out of BEE deals

BANKS threatened yesterday to withdraw billions of rands of black economic empowerment financing until the uncertainty about the size of black ownership of financial institutions was resolved.

Financial institutions are pushing for the retention of the financial sector charter's stipulation of 10% direct black ownership as the trade and industry department's February 9 deadline to hike blacks' direct ownership in this sector to 25% draws near.

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Posted by StaffWriter at January 22, 2008 7:17 AM