South Africa's Absa bank is to sell a 10% stake worth $23m to a black-run investment consortium.
Tokyo Sexwale is the driving force of empowerment deals
The move means the company will meet targets set by the country's Financial Services Charter, which came into effect this year.
Up to 14% of the company's shares are currently indirectly held by black South Africans, according to an independent survey.
The charter requires South African firms to be one-quarter black-owned.
Absa is the first leading South African bank to enter into a black-empowerment deal which will take the form of cash for shares.
Absa will give the Batho Bonke consortium around 73 million newly-created shares, which should equate to some 10% of the bank's equity.
It will also issue up to 7.3 million shares to an Absa employee share-ownership programme.
"Absa accordingly believes that meaningful black participation at all levels of
the South African economy is a national priority in order to ensure sustainable
socio-political, financial and economic stability for all," the bank said in a statement.
The consortium is led by a former freedom fighter Tokyo Sexwale, who was imprisoned with Nelson Mandela.
Mr Sexwale is one of the most vigorous paticipants in black-empowerment deals.
His firm, Mvelaphanda Resources, is South Africa's second-biggest black-owned mining company. He sits on the boards of a number of companies, including Absa.