South African operations by the Tutuwa BEE consortium. The Tutuwa scheme encompassed Tutuwa Managers’ Trusts for current and former black managers of SBSA, the Tutuwa Community Trust focused on black SMEs and community development, and empowerment partners Safika and Shanduka. The Tutuwa initiative’s 10-year lock-in period ended on 31 December 2014. We introduced beneficiary engagement programmes during 2014 to inform beneficiaries of standard bank education investment options in terms of selling their shares and provide them with the necessary financial education to make sound financial decisions.
Tutuwa Plus was implemented to ensure the sustainability of the black SME beneficiaries in our Tutuwa initiative beyond the vesting of their shares. Tutuwa has created R10,7 billion in value for 6 100 current and former Standard Bank employees, 261 black-owned small businesses, and two empowerment partners, while also establishing a foundation to support education and youth initiatives. Each of the small business beneficiaries will receive a direct benefit of between R2 million and R3 million, allowing them to grow their businesses, employ more people and contribute to the overall prosperity of South Africa. Now that the lock-in period is over, and to the extent that beneficiaries exercise their right to sell some or all of their shares, black ownership of the bank is likely to reduce in the short to medium term.
This is because selling at least some shares after 10 years of participation in the scheme would be a natural choice for some beneficiaries. While Standard Bank will continue its transformation journey both in terms of the other pillars of the financial sector scorecard and more generally, we are confident that we have complied in full in respect of ownership. 2014 Standard Bank is a licensed financial services provider. Welcome to the Standard Bank Borrower’s Education Course. This e-learning course will help you understand the benefits of homeownership, the basics of home finance and the rights and obligations linked to your Mortgage Loan Agreement. To get started enter your ID number and your unique Access Key and then click the Login button below.
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