•The former Deputy Governor of South African Reserve Bank is expected to lead the group which is undergoing a transition after parting ways with Barclays plc.
•Absa launched a strategy in March 2018 which focused on regaining market share in core businesses.
Absa Group Limited has appointed Aaron Daniel Mminele as Group chief executive effective January 15, as the continental lender aligns its operations after separating with parent company Barclays.
The former Deputy Governor of South African Reserve Bank(SARB)will be taking over from René van Wyk, who has been leading the bank on an interim basis since Maria Ramos’ retirement in February 2019.
“We are delighted to welcome Daniel to the Absa family. He brings with him a deep understanding of the financial services industry both in South Africa and abroad,” said Wendy Lucas-Bull, Chairman of the Absa Group Board.
“His unique skills set and global perspective makes him a suitable leader to drive our bank’s focus on long-term growth that is digitally-led across our markets,” Lucas-Bull added.
Absa is currently undergoing a transition after parting ways with Barclays plc, which reduced its shareholding in the African financial services group to a minority stake in 2017.
The separation comprises the gradual replacement of services, primarily involving operational and information technology, provided to Absa.
It also includes transitioning from the Barclays brand to ‘Absa’ in 12 countries, a process that is underway with South Africa having been completed during 2018.
Absa launched a strategy in March 2018, which focused on regaining market share in core businesses.
It then reconfigured its operating model and made changes to its Executive Committee to set up the business for implementation of the strategy.
“In terms of his starting point, Daniel will want to assess where we are in implementing that strategy and asses how he can play a role in strengthening the team’s ability to continue on that journey,” said Lucas-Bull.
Mminele spent more than 20 years at the South African Reserve Bank (SARB), where he rose through the ranks to be a Deputy Governor and a member of key committees such as the Monetary Policy Committee and Financial Stability Committee.
His other main responsibilities at the SARB included financial markets and international economic relations and policy.
“I look forward to being part of and leading the exciting journey that Absa has embarked upon to fully establish itself as an African financial services group with deep roots across the continent and a global reach,” said Mminele.
Van Wyk will step down as chief executive on January 14 but remain with the Group as an executive director for handover purposes until January 31.
He will rejoin Absa Group and Absa Bank’s boards as a non-executive director, following a six-month cooling-off period.