Bloomberg News

South Africa Banks Drafting Alternative Plan, City Press Says

October 16, 2011

Oct. 16 (Bloomberg) -- South Africa’s banks are drafting their own transformation plan after the industry and labor unions failed to agree over black ownership targets, City Press reported, citing a person familiar with the matter.

The banks are considering pulling out of the financial- sector charter, which sets targets for changing ownership ratios in the industry, the Johannesburg-based newspaper said.

Labor unions and non-governmental organizations want the target for black ownership of financial companies raised to 15 percent in 2014 from 10 percent, while banks oppose the increase, City Press said.

--Editors: David McQuaid, James Kraus

To contact the reporter on this story: Jana Marais in Johannesburg at jmarais@bloomberg.net

To contact the editor responsible for this story John Viljoen at jviljoen@bloomberg.net


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