The Public Investment Corporation (PIC), whose shareholding in Barclays Africa will rival that of the bank’s largest shareholder after the pension-fund manager obtains regulatory approval, is not expected to nominate directors to the bank’s board and push for greater transformation. This comes after Barclays Africa was criticised roundly for failing to promote the highly regarded Phakamani Hadebe, its corporate and business bank’s head of client services, to the top job at the unit in May, restructuring it instead into two main lines of businesses reporting to David Hodnett, its deputy CEO responsible for the South African retail and business bank. The group has four black executives on its 11-member executive committee, including deputy CEO for the rest of Africa Peter Matlare, and Nomkhita Nqweni, head of its wealth, investment management, and insurance unit. The PIC acted as the anchor investor, promising to take on 7% of the shares in an overnight accelerated book-build process ...

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