BANK IN TRANSITION
Absa’s lack of CEO till 2020 exposes cracks in succession planning
All of its regional bank's core banking systems moved from the UK to SA in April and all digital systems in May
Absa is going to be without a permanent CEO to steer the ship until 2020, leaving SA’s third-largest bank by market value vulnerable in an increasingly competitive environment.
Absa has mapped out an ambitious growth strategy that includes winning back market share at home and building a stronger business elsewhere in Africa, but it is facing fierce competition from old rivals and newly launched digital banks vying for young, tech-savvy banking consumers.