PHOTO: Supplied by Absa Group.

JOHANNESBURG - Absa Group on Monday announced Charles Russon as the new chief executive for corporate and investment banking with immediate effect.

Russon has a long career in corporate and investment banking, having worked for Merrill Lynch in London and Deutsche Bank in London and Frankfurt before joining Absa Capital as chief financial officer in 2006. 

Paul O'Flaherty was also appointed as chief executive for engineering services responsible for technology, data and security, the position currently held by Russon. As part of this role, O'Flaherty will also take responsibility for Absa's separation from Barclays Plc. 

O'Flaherty was most recently chief executive of Al Naboodah Group Enterprises in the United Arab Emirates, and is also a former chief executive Officer of ArcelorMittal South Africa and finance director of Eskom. He will resign from Absa's board as independent non-executive director to assume the executive position with immediate effect.

Both executives will report to the group chief executive and will be on the Absa group executive committee.

Absa's share price was trading slightly stronger at R159 by 10am after opening at R158.93 on Monday morning.

- African News Agency (ANA)