Ramos joins Barclays exco

Johannesburg - Absa Group Chief Executive Maria Ramos has been appointed to the Barclays Group executive committee with immediate effect, in a restructuring announced by Barclays Group Chief Executive John Varley.

Previously, Absa fell under the former Barclays Global Retail & Commercial Banking (GRCB) cluster and Ramos reported to GRCB Chief Executive Frits Seegers.

GRCB, in its current form, will cease to exist and Seegers will be leaving the Barclays Group to pursue other opportunities outside of Barclays. Ramos, who remains Absa Group Chief Executive, will now report directly to Barclays Group Chief Executive, John Varley.

The structural changes will also see the formation of a new business grouping, to be called Global Retail Banking (GRB), comprising UK Retail Banking, Barclaycard and the former GRCB Western Europe and Emerging Markets businesses. Antony Jenkins, previously CEO of Barclaycard, has been appointed Chief Executive of GRB, reporting to John Varley. Jenkins, who is a non-executive director of Absa, will also sit on the Barclays Group Executive Committee.

A second new business grouping, to be called Corporate and Investment Banking (CIB) and Wealth Management, comprising Barclays Capital, Barclays Commercial Bank and Barclays Wealth, will be led by group president Robert E Diamond Jr.

Ramos commented that the new Barclays structure, and in particular the alignment of the corporate and investment banking operations, supports Absa's own strategic goal of creating one seamless Absa, which will function in an integrated manner to improve operational efficiency and service to customers.

"Furthermore, this will assist in extracting additional value for both our customers and our business," she added.

Absa remains a member of the Barclays Group with its own mandate to manage its businesses as efficiently and effectively as possible, while endeavouring to meet the growing needs of its customers.

- I-Net Bridge