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November 3, 2007

Deal will reduce black stake in Standard Bank

STANDARD Bank could be the first major company to implement the so-called "once-empowered, always-empowered" principle in its black economic empowerment (BEE) structure.

Sim Tshabalala, the chief ­executive of Standard Bank's local retail operations, says the black shareholding in Standard Bank will be smaller if a R36.7 billion deal with the Industrial and Commercial Bank of China (ICBC) is approved.

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Posted by StaffWriter at November 3, 2007 11:14 AM