Daniel mminele
New CEO of Absa to review strategy as SA economy hurts lenders
Absa's strategy encompassed a drive to win back market share lost while majority-owned by Barclays and to grow its business across Africa. It set itself a...
South Africa’s third-largest bank, Absa, has announced that Daniel Mminele will become the bank’s first black chief executive officer.
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.
Mminele’s term will come to an end on 30 June.
The rand slid more than 10% to a 2-year low against the dollar in early trade as a renewed rout in the Turkish lira spread to other emerging market currencies.
The bank recently revised its growth outlook to 0.4 percent for this year.
Analysts have said South Africa’s economy faces hurdles & that the threat of 'junk' status is looming.
Deputy Reserve Bank Governor Daniel Mminele says despite poor growth the economy remains resilient.
The Banking Association of SA says Zuma should appoint a replacement sooner rather than later.
Inflation rose above the central bank's and market expectations in May when it came in at 6,6%.