Financial services sector to spend R122bn on BEE

The financial services sector has committed to spending some R122 billion over a period of five years on various forms of black economic empowerment (BEE). The 2012 financial sector codes committed banks to R80 billion in empowerment financing over the five years to 2017, and long-term insurers to R42 billion.

The commitment was agreed upon by the Financial Services Sector Charter Council. According to Isaac Ramputa (pictured), the council's CEO, the targeted R122 billion will include the funding of the black in-dustrialists' programme, and will be spent by the sector on financing empowerment transactions, providing finance for small, medium-sized and micro enterprises, infrastructure projects and financing risk capital.

The financial services sector includes banks, long and short-term insurers, retirement fund administrators, collective investment scheme companies, brokers and PE firms.

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