Johannesburg - Absa Group [JSE:ASA], which is majority-owned by Barclays, said it would merge its business and retail banking units, the latest organisational change to bring it closer in line with its British parent.
The bank also said it was naming a small team of Barclays and Absa executives to lead its expansion on the rest of the continent.
In April the bank announced a “One Bank in Africa” strategy to work more closely with Barclays in sub-Saharan countries outside South Africa.
South Africa’s largest retail lender named Bobby Malabie, the former head of business banking, to head the new merged business. Gavin Opperman, who previously led the retail unit, will leave Absa in November.
The bank also said it was naming a small team of Barclays and Absa executives to lead its expansion on the rest of the continent.
In April the bank announced a “One Bank in Africa” strategy to work more closely with Barclays in sub-Saharan countries outside South Africa.
South Africa’s largest retail lender named Bobby Malabie, the former head of business banking, to head the new merged business. Gavin Opperman, who previously led the retail unit, will leave Absa in November.
Absa’s retail unit posted a 75% jump in headline earnings in
the six months to end-June, helped by sharply lower impairments, or bad debt
charges, but warned a repeat performance in the second half was unlikely.