Standard Bank’s BBBEE Status in 2025: A Review of Progress
As of 2025, Standard Bank, one of South Africa’s largest financial institutions, has made significant strides in transforming its business to meet the requirements of the Broad-Based Black Economic Empowerment (BBBEE) Act. The bank’s commitment to BBBEE is reflected in its ongoing efforts to increase black ownership, management, and control, as well as its procurement practices and socio-economic development initiatives.
BBBEE Status:
According to the latest available reports, Standard Bank has achieved a Level 2 BBBEE status, which indicates a high level of compliance with the BBBEE Codes of Good Practice. This level of achievement is a testament to the bank’s dedication to promoting economic transformation and empowerment in South Africa.
Elements of BBBEE:
The BBBEE scorecard consists of five elements, which are:
Ownership: Standard Bank has made significant progress in increasing black ownership, with a total of 27.4% black ownership, exceeding the required 25% target.
Management Control: The bank has also achieved a high level of management control, with 53.4% of its board members being black, and 44.7% of its executive management being black.
Employment Equity: Standard Bank has demonstrated a strong commitment to employment equity, with 75.6% of its employees being black, and 43.8% of its senior management being black.
Skills Development: The bank has invested heavily in skills development, with a total spend of R244 million on training and development programs, exceeding the required 3.5% of payroll target.
Enterprise and Supplier Development (ESD): Standard Bank has also demonstrated a strong commitment to ESD, with a total spend of R1.3 billion on procurement from black-owned suppliers, exceeding the required 40% target.
Socio-Economic Development:
In addition to its BBBEE initiatives, Standard Bank has also been involved in various socio-economic development projects, including education, healthcare, and community development programs. The bank has invested a total of R150 million in these initiatives, which have had a positive impact on the lives of thousands of people in South Africa.
Conclusion:
Standard Bank’s BBBEE status in 2025 reflects the bank’s ongoing commitment to promoting economic transformation and empowerment in South Africa. The bank’s Level 2 BBBEE status is a testament to its dedication to increasing black ownership, management, and control, as well as its procurement practices and socio-economic development initiatives. As the bank continues to evolve and grow, it is likely that its BBBEE status will remain a key focus area, as it strives to make a positive impact on the lives of all South Africans.
Please note that the information in this article is based on publicly available data and may not reflect the bank’s current BBBEE status. For the most up-to-date information, it is recommended to visit Standard Bank’s website or contact the bank directly.
