EXCLUSIVE: Absa to get its first black CEO
Former Reserve Bank deputy governor will be appointed CEO of a bank in desperate need of a makeover
The deal is now sealed, apparently, for former Reserve Bank deputy governor Daniel Mminele to take the helm at Absa from next year. Three separate insiders have confirmed to the FM that Mminele has been approved by Absa’s board, as well as the banking supervision department of the SA Reserve Bank, as the new CEO.
It’s a big deal for a number of reasons, not least because Mminele will be the first black CEO of the bank, formed in 1991 by the fusion of a number of disparate smaller banks into one, with a strong Afrikaner culture. These included Allied Building Society, Volkskas and United Building Society. A year later, it added Bankorp.