New strategy at Absa gathers pace
JOHANNESBURG - The share price of Barclays Africa, soon to be renamed Absa, jumped by 5.35 percent on Friday as the company’s new strategy began to take shape with the appointment of heads of its retail and business banking (RBB) division.
Tshiwela Mhlantla was appointed the head of physical channels, while Aupa Monyatsi took over virtual channels and Cowyk Fox is now head of unsecured lending.
Geoff Lee takes the helm of home loans, Faisal Mkhize was appointed the head of vehicle and asset finance, and Punki Modise is in charge of finance. RBB chief executive Arrie Rautenbach said with a new executive team in place, Absa RBB would now embark on the next phase of changes to achieve a similar alignment across its South Africa operations.
“The new leadership understands our business and what it needs very well. Its average banking experience, most of which has been within Absa, is 15 years. “The new team is diverse and is a blend of youth and experience in each individual,” Rautenbach said.
Absa chief executive Maria Ramos earlier this year announced the bank’s intention to claw back its leadership in South African retail banking.
The new group structure consists of four businesses: retail and business banking South Africa, corporate and investment banking, rest of Africa banking and wealth, investment management and insurance. The restructuring has already claimed the scalp of Craig Bond, the chief executive of partnerships, joint ventures and strategic alliances, and David Hodnett, who was group executive director and deputy chief executive. BayHill Capital trader Jordan Weir said Ramos was staying true to her word when it came to implementing the firm’s decision to streamline the four major units that formed the core of Barclays Africa.
“Investors should expect to see more of these leadership shuffle announcements being released over the next few months as the group looks to both cut costs and mould their business into a more efficient and nimble African bank,” Weir said. Meanwhile, Absa’s outgoing head of consumer banking,
- BUSINESS REPORT