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African Bank, which is set to list on the JSE in 2025, has appointed former Old Mutual executive David O’Brien to its board — in a move expected to boost the board’s digital and technology expertise.
O’Brien, who previously served as GM for customer engagement and digital at Old Mutual will be appointed to the model risk committee.
African Bank chair Thabo Dloti said O’Brien will be appointed to other committees and that these will be announced at a later stage.
“We are extremely excited about David’s appointment as an independent nonexecutive director. His extensive actuarial experience and his passion for technology and digital evolution will add immense value to the board of both the bank and ABHL (African Bank Holdings) and the committees,” Dloti said.
The lender has over the past few months been making changes to its board as it prepares to take the company public in the next two years.
One of the key drivers for changes at board level is to do away with the identical composition of African Bank’s and African Bank Holdings Limited’s boards, which it said brought “unintended legal repercussions when certain shareholder resolutions were required to be passed by the ABL shareholder”.
African Bank Holdings is the holding company, 50%-owned by the SA Reserve Bank, while a consortium of five SA banks holds the other 25% on a pro-rata basis. The Government Employees Pension Fund (GEPF) owns the other 25%.
The ownership structure of the holding company came about after the near collapse of the lender in 2014 when it went into curatorship and had to be rescued by the central bank.
The Bank is expected to ditch its shareholding when African Bank goes public in 2025 after having staged a recovery in its fortunes.
S&P Global Ratings last month revised the bank’s outlook to positive from stable, saying it expects the bank’s franchise and funding profile to strengthen “while it sustains strong capitalisation and improves or maintains asset quality indicators”.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
African Bank adds digital muscle to its board
African Bank, which is set to list on the JSE in 2025, has appointed former Old Mutual executive David O’Brien to its board — in a move expected to boost the board’s digital and technology expertise.
O’Brien, who previously served as GM for customer engagement and digital at Old Mutual will be appointed to the model risk committee.
African Bank chair Thabo Dloti said O’Brien will be appointed to other committees and that these will be announced at a later stage.
“We are extremely excited about David’s appointment as an independent nonexecutive director. His extensive actuarial experience and his passion for technology and digital evolution will add immense value to the board of both the bank and ABHL (African Bank Holdings) and the committees,” Dloti said.
The lender has over the past few months been making changes to its board as it prepares to take the company public in the next two years.
One of the key drivers for changes at board level is to do away with the identical composition of African Bank’s and African Bank Holdings Limited’s boards, which it said brought “unintended legal repercussions when certain shareholder resolutions were required to be passed by the ABL shareholder”.
African Bank Holdings is the holding company, 50%-owned by the SA Reserve Bank, while a consortium of five SA banks holds the other 25% on a pro-rata basis. The Government Employees Pension Fund (GEPF) owns the other 25%.
The ownership structure of the holding company came about after the near collapse of the lender in 2014 when it went into curatorship and had to be rescued by the central bank.
The Bank is expected to ditch its shareholding when African Bank goes public in 2025 after having staged a recovery in its fortunes.
S&P Global Ratings last month revised the bank’s outlook to positive from stable, saying it expects the bank’s franchise and funding profile to strengthen “while it sustains strong capitalisation and improves or maintains asset quality indicators”.
khumalok@businesslive.co.za
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