JOHANNESBURG - Barclays Africa Group Limited (BAGL) on Monday announced a new structure that aligns the group's executive committee portfolios with its new strategy as the bank plans to double its market share of Africa banking revenues from 6% to 12%.
The new structure has four core businesses, each headed by a chief executive officer.
These are the Retail and Business Banking (RBB) South Africa, Corporate and Investment Banking (CIB), Wealth, Investment Management and Insurance (WIMI) and Rest of Africa (RoA), which equals to 10 markets outside South Africa.
Barclays chief risk officer, Arrie Rautenbach,will head RBB as chief executive.
Bongiwe Gangeni, currently head of distribution at WIMI, joins Barlcays as head of private and business banking, and also deputy chief executive of RBB. Nomkhita Nqweni continues in her current role as chief executive of WIMI.
Peter Matlare remains in his current role as chief executive of RoA and group deputy chief executive.
Corporate and Investment Banking will also be a separate business under the leadership of a chief executive. Barclays said that Temi Ofong and Mike Harvey will continue as co-chief executives of CIB, reporting directly to group chief executive, Maria Ramos.
The bank said that the new structure is effective immediately. Deputy group chief executive, David Hodnett, is taking a two-month sabbatical.
The bank said that South Africa Banking will cease to be a management or reporting segment. The group’s new growth strategy aims to restore market leadership in core businesses, create a thriving organisation, and build new propositions.
Ramos said that the bank's restructuring was aimed at shaping the strategy and the group's new ambition.
"We have set a bold ambition to double our share of Africa banking revenues, digitizing our organization end to end and presenting bold propositions to meet the needs of our customers and clients," Ramos said.
"This executive committee will work with leaders and colleagues throughout our business who were also instrumental in shaping our strategy and the group's new ambition."