Standard Bank arguably stole a march on competitors in black empowerment in banking. Current CEO Jacko Maree led the industry’s negotiating team when it formulated its empowerment charter in 2003.
In July 2004, the bank announced a sweeping empowerment deal which will give 10% of its equity (worth $1.4bn) to its 2500 black managers in a structured deal. It will also want to be the first bank, largely for symbolic reasons, to appoint a black CEO.
