 Standard says it is firmly committed to black economic empowerment. |
Shareholders in South Africa's biggest banking group Standard Bank have agreed to sell a 10% stake to black investors. The bank and its insurance arm Liberty said earlier this year that they planned to sell the stake for a total of 5.6bn rand ($857m; �477m).
The black-empowerment deal is the biggest ever in the financial sector.
The ANC government has put black empowerment at the heart of its policy but many people have complained that the process is taking too long.
Black investors said to be acquiring shares include ex-ANC secretary-general Cyril Ramaphosa who heads Millennium Consolidated Investments.
Also set to gain from the deal is investment holding firm Safika, which has Standard Bank's former deputy chairman Saki Macozoma as a leading shareholder.
South Africa's courts still need to approve the agreement and a hearing has been scheduled for 21 September.
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