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Bank in Namibian empowerment deal

Author: BBC, Published on: 5 September 2006

South African bank Old Mutual is to sell $42.8m (£22.6m) worth of assets to black Namibians in the country's largest economic empowerment deal. The finance firm will transfer shares in insurance and banking operations to employees, business consortia, womens' organisations and church groups. About 250,000 black Namibians are likely to benefit from the move. Empowerment schemes are being pursued in a number of African countries to strengthen black economic power. The policies are designed to remedy historically low levels of asset ownership among black majorities and raise the low economic status of disadvantaged groups.

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Related companies: Nedbank Old Mutual