Absa appoints new chief executive

ABSA Group Limited (AGL) has announced the appointment of Aaron Daniel Mminele as group chief executive of Absa Group, effective from January 15, 2020.

 Aaron Daniel Mminele has been appointed group chief executive of Absa Group

Mminele 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.
She said: “His unique skills set and global perspective make him a suitable leader to drive our bank’s focus on long-term growth that is digitally-led across our markets.
“Absa launched its strategy in March 2018, which focused on regaining market share in core businesses. We then reconfigured our operating model and made changes to our 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.
“As a leader, he will make his own assessment of what is required but he has a complete open mandate as the group chief executive to lead this organisation,” said Lucas-Bull.
Mminele spent more than 20 years at the SA 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.
He has represented South Africa in a number of international forums such as the G20, BRICS and the International Monetary Fund. He was also a regular participant in National Treasury’s international investor roadshows to promote South Africa.
Mminele said: “I am delighted to be joining the Absa group. I look forward to being part of and leading the exciting journey that Absa has embarked upon to regain its rightful place in the South African market as well as to fully establish itself as an independent African financial services group with deep roots in South Africa.”
Before joining the SARB, Mminele worked as a banker. After completing a diploma in Banking at Sparkasse Paderborn in Germany in 1987, he spent eight years in various roles at the Westdeutsche Landesbank Girozentrale, at its Düsseldorf and London offices. He continued his studies while in the UK and obtained various certificates from the UK’s Chartered Institute of Bankers.
He came back to South Africa in 1995, then spent about two years each at Commerzbank, working as a customer relations manager in corporate banking, and at African Merchant Bank, as a project and structured finance specialist, in Johannesburg.
“We are really looking forward to Daniel joining the Absa Group and to his leadership in driving our strategy and guiding this organisation into the future,” said Lucas-Bull.
Van Wyk will step down as chief executive on January 14, 2020, but remain with the Group as an executive director for handover purposes until January 31, 2020.
He will rejoin Absa Group and Absa Bank’s boards as a non-executive director, following a six-month cooling-off period.
— Business Report