Absa appoints former Sarb deputy governor Daniel Mminele as CEO

Mminele, who retired as second-in-command at the central bank in June 2019 after serving more than 10 years there, will be Absa's first black chief executive.

Absa CEO Daniel Mminele. Picture: Absa

JOHANNESBURG - Absa has confirmed the appointment of former South African Reserve Bank deputy governor Daniel Mminele as its group chief executive.

Mminele, who retired as second-in-command at central bank in June 2019 after serving more than 10 years there in the position, will be Absa's first black chief executive.

He takes over from Rene van Wyk who was at the helm of the lender as interim CEO following the retirement of Mario Ramos in February 2019.

Mminele joined the South African Reserve Bank in 1999 where he served as an executive assistant to former senior deputy Governor James Cross and then worked his way through the ranks where he also served as General Manager and Head: International Banking Department, Head: Financial Markets Department and Executive General Manager: Markets. He was appointed as deputy governor in 2009.

During his time as deputy governor, he represented South Africa in a number of international forums such as the G20, BRICS and the International Monetary Fund. He was also a regular participant in National Treasury’s international investor roadshows to promote South Africa.

Before joining the central bank, Mminele worked as a banker with Westdeutsche Landesbank Girozentrale between 1989 and 1995, working at their Düsseldorf and London offices. In 1995, he came back to South Africa where he worked for Commerzbank, working as a customer relations manager in corporate banking for two years and then had a two-year stint with African Merchant Bank as the Deputy Divisional Head: Special Projects.

On his appointment, Mminele said: "I am delighted to be joining the Absa group. I look forward to being part of and leading the exciting journey that Absa has embarked upon to regain its rightful place in the South African market as well as to fully establish itself as an independent African financial services group with deep roots in South Africa."

Additional reporting by Reuters.