'Great progress' in transforming financial sector

Progress has been made in transforming the financial sector, the Banking Association of South Africa said on Wednesday.

“Great progress has been made. However, there remains much work to be done to truly change the landscape of the sector sustainably,” managing director Cas Coovadia said.

He was speaking at the release of the results of the banking industry’s transformation performance, which showed the sector was well ahead of its broad-based black economic empowerment scorecard targets in the majority of areas, as judged against the financial sector charter scorecard for 2008.

Coovadia said the numbers of black junior managers in the financial sector had grown to 53,57%, from a target of 40%.

The growth in numbers of black middle managers and black senior managers had been slower at 39,6% and 25,79%. This, however, was still ahead of the charter’s transformation targets of 30% and 20% respectively.

There was also growth in black skills development spending, which increased to R537 049 473 across the sector.
Procurement from black companies grew to 55,29% ahead of its set target of 50%.—Sapa

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