ABSA announces structural changes

Cape Town – Barclays Africa Group [JSE:BGA], the holding company for ABSA bank, announced a new structure with four core businesses in a statement on Monday morning.

The announcement is part of the bank's long-term vision to chart its own path, after separating from its United Kingdom parent company and doubling its share of banking revenue on the African continent from 6% to 12%.

Among other executive changes, the bank’s current head of compliance Yasmin Masithela will now become chief executive of strategic services. Masithela will be responsible for the bank’s digital strategy and human resources, and lead ABSA’s separation from Barclays Plc.

Augustus Van Heerden will go from leading the separation programme to serving as chief risk officer. Current group chief operating officer Charles Russon will become the group’s chief technology officer, responsible for technology infrastructure, cyber and data.

Current chief risk officer Arrie Rautenbach will head the retail and business banking division. Deputy CEO David Hodnett will be taking a two-month sabbatical, according to the statement.

“Temi Ofong and Mike Harvey will continue as co-chief executives of corporate and investment banking, reporting directly to group chief executive, Maria Ramos, while David is on sabbatical,” the statement said.

Absa Bank also announced that current head of distribution at the bank’s investment management and insurance division Bongiwe Gangeni would join the group executive committee as head of private and business banking.

Peter Matlare remains in his position as chief executive of rest of Africa responsible for Absa’s ten markets outside SA. Nomkhita Nqweni stays on as chief executive of wealth, investment management and insurance, the statement said.

These changes are effective immediately, said Barclays Africa Group. Shares in the company were 1.54% down at R183.94 on the JSE shortly after 12:30 on Monday.