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Absa has defended its appointment of Arrie Rautenbach as CEO after the Public Investment Corporation (PIC) lambasted the bank for its lack of transformation, saying it was “downright” disappointed in the bank. 

The PIC, the biggest fund manager in Africa, which owns about 5% of Absa, pulled no punches in taking Absa’s board to task on Friday, saying the bank’s decision was a missed opportunity to commit to transformation...

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