An Absa branch in Cape Town. Picture: REUTERS/Mike Hutchings
Absa, SA's fourth-biggest bank by market value, says it is considering a new BBBEE scheme that could constitute up to 8% of its issued share capital. Implementation is expected in 2022, the bank said, and the figure would be inclusive of the Absa Empowerment Trust shares, currently at 1.9% of the group’s total.Work on the development of a new Absa BBBEE scheme was put on hold in 2020 as market conditions were not conducive during the Covid-19 pandemic and economic downturn, Absa said in its statement.
“However, with market conditions improving, we have re-engaged advisers and are again considering implementing a new BBBEE ownership transaction.”
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