Absa Group strengthens retail and business leadership team
BANKING
Absa strengthened its retail and business banking leadership team and operating model.
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Absa on Friday announced a strengthened Retail and Business Banking leadership team and operating model to boost its market competitiveness.
Christine Wu and Geoffrey Lee, former chief executives for Everyday Banking and the Product Solutions Cluster respectively, have been appointed as interim co-chief executives for the newly formed Retail business. Absa veteran Faisal Mkhize, chief executive for Relationship Banking assumes the role of chief executive for Business Banking.
“Today marks the beginning of a new era for Absa with the establishment of the Personal and Private Banking and the Business Banking divisions in South Africa,” said Charles Russon, Absa’s Interim Group CEO. “The strength of our personal and private banking and business banking franchises is integral to our performance as a Group, and this development bolsters a core revenue engine for the bank, ultimately enabling our ambition to deliver an integrated, seamless, and human-centred banking experience,” he said.
Key structural developments include:
- Everyday Banking, the Product Solutions Cluster, and Private Wealth Banking have been integrated into a new Retail segment known as Personal and Private Banking.
- Relationship Banking will now operate as Business Banking, enabling a more focused approach to serving our SME and Commercial clients in targeted sectors.
- Christine Wu, Geoffrey Lee and Faisal Mkhize will continue to serve on the Absa Group Executive Committee.
“There are clear commercial benefits that will flow from the new business construct, which will be steered by seasoned, experienced and established Absa executives. Faisal has been with Absa since 1996 in various leadership roles, while Geoffrey and Christine have more than 20 years of collective experience at Absa,” said Russon.
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