Our partnership and empowerment deal with Ubuntu-Botho Investment Pty Ltd focuses on ownership.
Sanlam Sky Solutions is focused on creating access to financial services for the entry and emerging middle market.
The key elements of Sanlam’s transformation are measured against the targets set for BBBEE, as determined by the Financial Sector Code in South Africa.
This programme provides investment funding and business development support to small and medium-sized enterprises.
Sanlam was founded to assist in empowering impoverished and economically marginalised Afrikaans people. However, the organisation has since led corporate South Africa in ground-breaking empowerment transactions – this time to benefit previously disadvantaged black South Africans.
We pioneered structured BEE in South Africa when we sold our controlling stake in Metropolitan Life to a black-controlled company, Methold, to shift some of the country’s wealth to its black population. This transaction led to the establishment of New Africa Investments Limited (NAIL), the first major black-controlled company to list on the Johannesburg Stock Exchange. This transaction excluded Sanlam from participation in the South African entry-level market for a period of 10 years.
We made history again when we became the first major financial services company in South Africa to conclude its own ownership empowerment transaction with Ubuntu-Botho. This became one of the country’s most successful BBBEE deals when it matured in 2014.
We announced a package of BBBEE transactions to the value of more than R10 billion, building on our relationship with Ubuntu-Botho and an expanded group of empowerment beneficiaries.
We have allocated a significant amount of funding to the government-led Youth Employment Services (YES) initiative launched in 2018. This initiative aims to empower one million young South Africans by offering paid quality work experiences over the next three years.