Magazine date:
Mar 2004 PSG Group subsidiary, Channel Life will become the first large-scale insurer to be controlled by a black investor group. The new purchaser, a member of ANC in the Parliament, will hold 51% of the company's stakes.
The agreement comes two months ahead of the run-up to the implementation of the “Black Economic Empowerment Charter” binding financial institutions to structural adjustments at all levels (staff, capital make-up, customers, supply and investment), and subjecting the granting of state markets to the respect of the charter starting 2014.