With expansion plans under way in the UK, and transformation in the banking sector lagging behind back home, FirstRand CEO-designate Alan Pullinger has his work cut out for him. Pullinger, who has served as deputy CEO under Johan Burger, would take the helm at FirstRand on April 1, the banking group said this week. Burger, who has been CEO since October 2015, will retire at the end of this month but remain an executive director until August. Thereafter he may continue to serve as a nonexecutive director. His tenure saw FirstRand grow its reach in the UK with the acquisition of lender Aldermore for R20-billion. The group already owned vehicle finance business MotoNovo in the UK, which in the second half of its last financial year contributed R1.2-billion to WesBank's after-tax profit of R4.2-billion. Integrating the two businesses will allow the group to grow MotoNovo faster, with hard currency funding.It was in 2015 that FirstRand said it intended to diversify outside Africa, after ...
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