MORE THAN JUST WEALTH MANAGEMENT
Transformation and giving back are strategic focus areas for Citadel. This encompasses large initiatives that include driving transformational change within the financial services industry, to the smaller things that touch people’s everyday lives in the most meaningful way.
TRANSFORMATION THROUGH BAYHILL CAPITAL
Citadel Holdings concluded a broad-based black economic empowerment (B-BBEE) transaction resulting in African Financial Group Wealth acquiring a 51% controlling stake in BayHill Capital. Citadel retains a 49% stake in the business.
BLACK OWNERSHIP THROUGH NALA
Citadel, together with its parent company Peregrine Holdings, is involved in a black ownership initiative called Nala, which highlights the company’s commitment to B-BBEE through high-impact Socio Economic Development (SED) projects that include education, community development and an investment trust for Citadel’s black employees. Nala owns a 20% stake in Peregrine Holdings.
Citadel Philanthropy’s work is an important element of giving back. Not only is the Citadel Philanthropy Foundation (CPF) the first donor-advised fund of its kind in South Africa, it is also involved in using its influence to ensure that worthy causes are promoted. Part of the work being undertaken by Citadel Philanthropy involves the creation of a database of charities. These organisations undergo a series of due-diligence assessments in order to be approved as organisations that will work well within the Citadel philosophy of giving back. CPF acts as a conduit that makes it easier for individuals and companies to be able to give back.
EMPLOYEES MAKING A DIFFERENCE
In addition to our transformation and SED initiatives, Citadel and its employees are also generous in their time, money and skills when it comes to smaller projects. These include:
THE DIGNITY KITTY
The Dignity Kitty is aimed at designated Citadel employees who may need a little extra financial help in times of need, for example with the education of their children or unexpected medical costs.
These initiatives are driven by employees who have identified a need in their community. They then work with their colleagues to deliver on meaningful projects that make a real difference.
For more information about how Citadel is giving back, contact us.