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 | Empowerment consortium buys minority stake in Stanlib |  |  |
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18 June 2003
Standard Bank and Liberty Group have sold a minority shareholding in Stanlib, their wealth and asset management joint venture, to an empowerment consortium.
In terms of the agreement, which was announced today, the consortium will acquire 25,2% of Stanlib. The consortium comprises Safika, Nduna Trust, Simeka and a broad-based empowerment trust representing communities from historically disadvantaged backgrounds. Saki Macozoma will be the new chairman of Stanlib.
Standard Bank and Liberty believe that transformation is a national and business imperative. They are both actively involved in transformation to ensure that they, their subsidiaries and their associates support South Africa's socio-economic objectives and participate in the new and exciting challenges and opportunities being presented.
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