PIC disappointed with Absa tapping Arrie Rautenbach as group CEO

Rautenbach has been with the bank since 1997 and was its head of retail and business banking before he took over as group CEO.

FILE: The PIC said it had requested an urgent meeting with the ABSA board and wants it to present its transformation strategy. Picture: Supplied

JOHANNESBURG - The Public Investment Corporation (PIC) weighed in on the appointment of Arrie Rautenbach as Absa's new group chief executive officer.

Rautenbach has been with the bank since 1997 and was its head of retail and business banking before he took over as group CEO.

But the PIC said that it was downright disappointed with the appointment and believed that it was yet another missed opportunity for the bank's board to demonstrate its commitment to transformation.

The PIC said it had requested an urgent meeting with the Absa board and wanted it to present its transformation strategy.