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Absa has removed Sipho Pityana as lead independent director roughly three weeks after it emerged he is suing the banking regulator for allegedly blocking his appointment as chair of SA’s third-biggest lender by assets.

In a statement released just 10 minutes before the JSE closed on Friday, Absa informed shareholders its board had decided that Pityana would cease “with immediate effect” to be lead independent director, chair of the group’s remuneration committee and, as a consequence, a member of its directors’ affairs committee. For the time being Pityana remains a member of Absa’s board...

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