Appointment of Daniel Mminele as Absa CEO broadly welcomed

South Africa’s third-largest bank, Absa, has announced that Daniel Mminele will become the bank’s first black chief executive officer.

FILE: Daniel Mminele. Picture: SA Reserve Bank

JOHANNESBURG - The appointment of former deputy Reserve Bank governor Daniel Mminele as the new Absa CEO has been broadly welcomed.

South Africa’s third-largest bank, Absa, has announced that Mminele will become the bank’s first black chief executive officer.

Maria Ramos stepped down in February last year.

Ramos was replaced by René van Wyk as interim CEO, a former colleague of Mminele’s at the Reserve Bank.
Van Wyk will stay on as an executive director.

Mminele, who ran the Reserve Bank’s financial markets division until June last year, will start his new role on 15 January.

He needed to serve a six-month “cooling off” period following his exit from the central bank. He will need to hit the ground running.

Analysts have argued that like other local lenders, Absa will need growth from elsewhere on the continent to offset the domestic weakness.