CAPE TOWN - Absa CEO, Maria Ramos was awarded a hefty salary of R37.6 million for the 2017 financial year.
This comes close to Nedbank CEO, Mike Brown’s earnings of R38.1 million in 2017, according to Business Tech.
Ramos’s salary comprise of a basic salary of R8.23 million which included benefits over R328 000.
The executive also enjoyed bonuses of R12.5 million and R16.6 million deferred income from previous years.
Absa reportedly spent a total of R123 million to compensate its top five executives.
Take a look at what the other top Absa executives were paid:
Executive Role Salary for 2017
David Hodnett Deputy CEO for SA R33.2 million
Peter Matlare Deputy CEO for the rest of Africa R20 million
Nomkhita Nqweni Chief executive of wealth, investment management and insurance R16.4 million
Jason Quinn Financial Director R16.2 million
These heightened salaries have reportedly raised concerns. The bank will reportedly make changes to its remuneration policy once the group has separated from Barclays.
Barclays Africa announced in March this year that it will reclaim its African identity by changing its name back to Absa across the continent in the next two years.
Ramos said the rebranding was part of the company's journey in building a group Africa could be proud of.
“We spoke to more than 1300 00 customers and clients on the name change. This is not Absa as you know it. It's Absa that reflects African culture,” said Ramos.
The name change is required as part of the separation of Barclays Africa from London's Barclays Plc which in 2016 announced that it would sell its majority shareholding in Barclays Africa over two to three years.
The agreement also made provision for Barclays Plc to contribute £765million (R12.44billion) to fund investments required for Barclays Africa to separate from the group.
Ramos said the re branding was subject to approval by the JSE and a vote by shareholders.
Asief Mohamed, chief investment officer at Cape Town-based Aeon Investment Management said the rebranding may not immediately resonate with other parts of the continent.
“I am sceptical. In South Africa, most people know Absa, and in the rest of Africa there is awareness of Barclays Africa because of the Barclays Plc name. They will have difficulty in brand loyalty in the rest of Africa if they rebrand to Absa,” he said.
- BUSINESS REPORT ONLINE