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Absa Group, SA's third-biggest bank, made sweeping changes to its executive committee to diversify management, part of the finance industry’s push to be more representative of the communities in which it operates.

Punki Modise, 52, became chief strategy and sustainability officer on July 1, as Absa looks to increase its focus on environmental, social and governance opportunities. The lender is also breaking up its retail and business-banking division, which has been its biggest driver of revenue...

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