According to Nedbank’s head of communications Esme Arendse, there is still a lot of work to be done with regard to transformation in the sector. She states that management control and employment remain a challenge – especially in relation to the representation of women and black people in senior management positions.

The draft amended FSC puts great emphasis on the development of black employees within the sector in order to equip them with the necessary skills to apply for management positions, should these positions become available.

Esme states that one of the challenges faced by the bank is indeed meeting these skills development targets. However, Nedbank is set on rectifying the inequality that still exists in the sector and will continue to work towards solutions. Nedbank was awarded the Oliver Top Empowered Company Award in 2015.

Standard Bank

Standard Bank has made big strides in transformation over the years. Dating back to April 2003, the bank in collaboration with Nduna Trust, Safika Holdings and Simeka Investment Holdings set up a black economic empowerment company called Andisa Capital.

Standard Bank held a 49% stake in Andisa, and the black consortium acquired 51%. Following Standard Bank’s selling of their majority stake in Standard Risk & Treasury Management Services – an agency stockbroking and treasury management business – to Andisa, the company started operating independently.

In 2015, the bank’s B-BBEE scheme Tutuwa created approximately R10.7-billion for its strategic partners and small businesses. The scheme was implemented in 2004 and in over 10 years, real assets were transferred to more than 6 500 people and enterprises.


Employment Equity is a continuous focus point for Absa: 68% of their employees are black – with an increase of 38% in black senior management positions, 54% in middle management and 74% in junior management.

According to a spokesperson, “Absa aims to build a fully representative, fully diverse and inclusive organisation that is reflective of our broader society, and offer equal opportunities regardless of race, gender, sexual orientation or disability.”

First Rand Bank

Big brands like FNB, RMB and WesBank fall under the First Rand Bank group – a group that boasts a B-BBEE level 2 status. According to Lulu Gwagwa, Chairperson of the First Rand transformation committee, “B-BBEE is a business imperative at First Rand. The Group has formal governance and management processes that aim to go beyond compliance through addressing the substantive issues impacting the effective implementation of its transformation strategy. B-BBEE performance is accordingly integrated into the company’s remuneration systems, risk and business performance management processes.”