The Black Business Council (BBC) on Wednesday congratulated Sello Moloko on his appointment as chair of Absa but also said it would seek an urgent meeting with head of the banking regulator over accusations made by Sipho Pityana, who also serves on the Absa board.

Pityana dropped a bombshell on Monday when he accused the Prudential Authority (PA) of unlawfully blocking his appointment as chair of Absa through an informal process rather than following procedures outlined in the Banks Act. The PA must approve nominations for board appointments and key executives to determine whether candidates are fit and proper...

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