South Africa group wants 15 percent of local bank
A South African
business lobby may buy 15 per cent of one of the country’s listed
banks, the head of the group said on Monday, in a deal that could be
worth billions of rand.
The National
African Federated Chamber of Commerce and Industry (Nafcoc) aims to
eventually take about a quarter of a listed bank, and will get help
from that lender to raise money for the deal, said Gilbert Mosena, the
group’s secretary general.
Selling a stake to
Nafcoc, which represents small companies often owned by blacks, could
help a lender raise its black ownership. Companies in South Africa are
required to meet government targets for black ownership.
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