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January 23, 2008

New bank BEE cost is R20bn

Deals which led to the transfer of large stakes in the four major retail banks to black investors would cost R20 billion to restructure, Cas Coovadia, the chief executive of the Banking Association of SA (Basa), said yesterday.

The deals which were struck in 2004 and 2005 have been found wanting by organised labour, which wants the direct ownership component raised from 10 percent to 15 percent.

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Posted by StaffWriter at January 23, 2008 7:18 AM