The seasonally adjusted Absa Purchasing Managers’ Index (PMI) declined for a fourth consecutive month to reach 44.3 in February 2020. The 0.9-point decline brought the index to the lowest level since the second half of 2009 when the economy started to recover from a deep recession triggered by the global financial crisis. While four points below the average reading in 2019, the current level is still about six points above the lowest point reached in 2009.

Four of the five subcomponents of the headline PMI declined in February, with only the supplier deliveries index increasing compared to January. This index is also the only one above 50 points, with all others pointing to a worsening in conditions. The business activity and new sales orders indices in particular deteriorated sharply after recording improvements in the previous month. Both indices reached almost 11-year low levels. Some respondents flagged load shedding as a reason for the decline in activity. Weakness in external demand also seemed to have contributed to the drop in sales orders. With business activity remaining below the neutral 50-point mark for a seventh consecutive month, the employment index nudged even lower in February.

Eskom’s announcement of a high likelihood of load shedding during the next 18 months likely contributed to the further deterioration in sentiment regarding business conditions going forward. The index tracking expected business conditions in six months’ time fell to the lowest level since 2009. The current level of 38.7 index points is less than half of the index value recorded in February 2018 at the peak of Ramaphoria. Continued concerns regarding the strength of the global economy likely also contributed to the souring in sentiment as respondents noted a decline in export sales for a fourth consecutive month. November.

• PMI Infographic February 2020
• Absa PMI February 2020

By Dr Reaan Immelman, Head: Education Delivery

According to Stats SA, 63.4% of South Africa’s unemployed people are between the ages of 15 and 34, and more than half of South Africa’s youth say that they don’t have the financial means to pay for tertiary tuition. Eighteen percent of 18-24 year olds say that they don’t attend any form of post-matric education because their poor school level performance prevents them from participating.[1] It’s clear: the burden of South Africa’s heart-breaking unemployment rate rests on young people.

And despite data from 2018 indicating that the number of graduates from public universities more than doubled from 2000 to 2016, the sector still faces challenges in poor completion rates, or longer than usual study terms, with some students taking up to six years to complete a three-year qualification.

Furthermore, many school leavers and graduates lack the essential skills required to participate in a formal working environment, while others, who could potentially become entrepreneurs and employers themselves, don’t have the knowledge or insights into how to kick start their own futures.

In its commentary on youth unemployment figures for the first quarter of 2019, Stats SA noted that ‘graduate unemployment is still lower than the rate among those with other educational levels, meaning that education is still the key to these young people’s prospects improving in the South African labour market’.

Government is working hard to address challenges in the system, with Basic Education Minister Angie Motshekga noting earlier this year that the Department’s focus is on re-engineering the system to be faster and smarter, including compulsory early childhood development, decolonising education, and adding new subjects in response to the fourth industrial revolution, such as coding and robotics.

While Government’s commitment to free education has welcomed many more students into tertiary education at universities and technical vocational education and training (TVET) institutions, this is only available to households that earn less than R350,000 per year. Families that earn more than that are expected to pay fees – but many of these are not eligible for study loans, and cannot afford tuition fees despite being in a higher income bracket.

With the poorest of the poor being looked after by government, and wealthy families able to afford to send their children to their tertiary institution of choice, it’s this ‘missing middle’ of families with an income of between R350,000 and R1 million per year that need external support if they are to avoid adding even further to unemployment statistics.

Any engagements that intend to make it possible to bridge the gap between education and the world of work must be grounded in an appreciation that a comprehensive approach to tackling these challenges must focus both on supporting learners’ access to education, as well as supporting the administrators and institutions that deliver it.

Contributing to systemic structural change in the education eco-system can be achieved by creating platforms to address knowledge gaps, providing opportunities to increase the employability prospects of young people, and supporting institutions and administrators with technical assistance to improve the delivery of quality education.

This can be done through a range of collaborations that focus on education delivery, education reform, strategic engagements and thought leadership, and colleague engagements.

Adopting a global view of addressing unemployment has made some offerings available to users further afield than South Africa. For example, the Ready to Work platform is used globally, and provides learning material that will help young people develop work skills, people skills, money skills and entrepreneurial skills. Young people can select their own learning pathway depending on individual needs and complete the learning online using computer, tablet or mobile platforms. The programme has been immensely popular, with close on 200,000 people having completed modules since 2017.

With critical thinking being a vital skill in the workplace, partnering with Tshimong to roll out the National High School Debating Challenge, supported by a podcast on Cliff Central, has given learners across the country an introduction to this platform.

A key element of employment – and even managing unemployment – is financial literacy. Partnering with accredited training companies across the country to offer face-to-face consumer financial education interventions are appreciated by all beneficiaries. Partnerships with the ASISA Foundation Trust, specifically in the TVET college sector, assisted students to be more moneywise.

A partnership with the Gordon Institute of Business Science gives high school learners a platform to define and voice their vision for South Africa, and includes activities where learners can engage with policymakers and peers about issues that define the country’s future.

Collaborating with the Department of Basic Education and the Maharishi Education for Invincibility Trust has made the delivery of the department’s employability, entrepreneurship and education (E-cubed) programme to 2,000 learners possible, with the hope of inspiring every single one of them to complete school, study further, or even to start their own businesses.

Also collaborating specifically with the Gauteng Department of Education in its Schools of Specialisation programme means that these schools will be able to offer specialised curricula, improving learners’ skills and chances of employment.

These are in addition to scholarship programmes that give access to tertiary education to students that would otherwise be excluded from these life-changing opportunities. Scholarships for 50 of the Mandela 100 Scholars to attend the African Leadership University (ALU) in Rwanda are also part of a global approach to resolving access to education and employment, with a particular focus on empowering women.

Good corporate citizenship means making – and keeping – a social promise to be an active force for good across all communities in which a business operates, making it possible for people to access the tools they need to change their circumstances and become active in the workforce. At a time when youth unemployment is one of the biggest threats facing our young democracy, there simply is no other choice to make.

By Phumza Macanda, Head of Media Relations, Absa Group

The Annual Meeting of the World Economic Forum (WEF), held in Davos each January, is often seen as a gathering of the world’s elite and decision makers, who come together to find solutions to pressing problems they may never have to deal with. Yet, it is so much more than that. The gathering, which celebrated its 50th anniversary this year, provides a platform where ideas are exchanged, networks forged, and commitments made.

It’s where concepts are tabled and become – in one form or another – concrete reality.

Underpinning this year’s Annual Meeting was the Davos Manifesto 2020. This document builds on the original Davos Manifesto of 1973, which first articulated the stakeholder concept that businesses should serve the interests of all society rather than simply their shareholders. The updated 2020 Manifesto provides a vision for stakeholder capitalism that touches on a range of important issues of our time, including climate change, automation and globalisation, fair taxation, zero tolerance for corruption, executive pay and respect for human rights.

Globally, stakeholder capitalism is fast gaining momentum. The current [capitalist] economic system represents a betrayal of future generations, owing to its environmental unsustainability. Pure capitalism does not pay enough attention to the impact of business on society and on the environment and we have witnessed customers using their purchasing power to protest against companies who do not have sustainable business practices.

This has become more pronounced in recent years and we have seen the greatest advocacy coming from the youth.

Generation Z, such as 17-year old Swedish climate activist Greta Thunberg, no longer want to work for, invest in, or buy from companies that lack values beyond maximizing shareholder value. They expect the companies in their lives to be aligned with their values and building trust in a company is no longer just about how it treats them, it’s also about how it contributes to the broader society and the environment.

Future generations will increasingly demand conscious companies driven by conscious leaders, and executives and investors have finally started to recognize that their own long-term success is closely linked to their stakeholders.  The simple idea – that you can do well by doing good – has created exciting new opportunities and has given many businesses a distinct competitive advantage.

Many people however still have the misconception that “doing good” means making less money and that there is always a trade-off between financial return and impact. This is frankly not the case. In fact, this is the only business model that will survive.

The Business and Sustainable Development Commission, launched in Davos in January 2016, did an exercise which showed how the Sustainable Development Goals (SDGs) can unlock $12trillion in business opportunities, presenting the obvious opportunity of doing well whilst doing good. We have seen this with companies like Unilever, Whole Foods Market, and Starbucks who are revolutionising capitalism, by considering the community and the environment as key stakeholders and integrating them into every business decision.

The move is reappearing against a backdrop of climate crisis and alarming social challenges, with Klaus Schwab, founder of the WEF, believing that all stakeholders should be influenced by long-term perspectives. Changing the narrative won’t happen overnight, but the consensus reached at WEF is that we need to make room for the conversation.

As Director-General of the International Labour Organisation (ILO), Guy Ryder said, ‘this includes making sure that there are no human rights violations anywhere in your supply chain, and this means auditing the process down to a granular level. Ensuring that the nuts in a food product aren’t harvested from a remote village endorsing child labour’.

The tough part about this is whether investors and consumers would know if this sort of abuse is happening or swept under the rug. The stark reality is that, unless there’s a media expose, most people simply will not be aware if a company uses child labour, or if they are polluting the Amazon.

And this is where a new set of measurements for companies comes in.

Measuring the impact of companies

Brian Moynihan, American businessman and the Chairman and CEO of Bank of America is behind a move, endorsed by Schwab, to bring about a set of metrics against which companies will measure their impact on the communities and environments in which they operate, or impact.

These measures are set to be available by August this year, allowing companies to measure their sustainability, with the plan being to encourage sustainable business and sustainable investment. These measures are the outcome of bringing together the minds of 100 Chief Executive Officers across the globe.

What this means is that companies can actually measure sustainability, in a way that all stakeholders – from investors to companies – can agree upon. These metrics could then be measured against and reported upon in annual reports, and the plan is now to ensure wider adoption.

What the new set of measures also do is trim the number of metrics against which a company can be measured. The previous 650 measurements were far too weighty and complex to allow anyone to draw meaningful comparisons. Now, there are 22 metrics, which are clearer and more concise.

Perhaps best of all, investors will use these results when deciding where to place theirs or others’ funds. Investors will now easily be able to see which companies are sustainable and will contribute towards the long-term future of the planet, and all those who live here.

Digital conundrum

An important part of ensuring that companies are sustainable into the future is ensuring that they have a workforce that is future fit.

Another key theme to emerge from WEF this year was just how to make certain that your employees can help your company grow as the Fourth Industrial revolution (or 4IR as it is commonly abbreviated) become increasingly entrenched in everyday lives.

Ginni Rometty, chair, president, and CEO of IBM, explained during a session that the era of 4IR means all jobs will change; tasks are moving to the high-end and low-end, hollowing out the middle. This calls for massive retraining and a change in the paradigm around future skills.

In keeping with the notion of stakeholder capitalism – maximising benefits for all – there is no point in the digital era if it is not inclusive but divides the world into more haves and have nots. That means ushering this technology in a way that is beneficial to everyone.

During one session on the second day of the WEF Annual Meeting, members of the audience were asked to vote on whether they thought their current skills would outlast their career. They were also asked whose responsibility it is to help reskill the workforce.

The answer to the first was an overwhelming no, while more than 80 percent of the audience said a collaborative effort was required to reskill employees.

What does this mean? Well, there seems to be agreement that reskilling and upskilling the workforce is not a job for a specific sector or entity. We all have a job to do to ensure that everyone has the skills they need to contribute to a sustainable future for people and planet.

Absa Group is a Strategic Partner Associate of the World Economic Forum. The Group has a deep commitment to Africa’s success, and the principles of the 2020 Davos Manifesto will feed into our strategy as we work to change Africa’s development trajectories and bring our shared futures and Africa’s possibilities to life.

Absa Group Limited’s Barclays-branded subsidiaries in seven African countries – Botswana, Ghana, Kenya, Mauritius, Seychelles, Tanzania and Zambia – were renamed as ‘Absa’ today, completing the name change across the continent. Absa Group’s subsidiaries in Uganda and Mozambique were renamed in November.

The renaming of the remaining subsidiaries today marks another substantial milestone in Absa’s separation from Barclays PLC, a three-year process scheduled for completion by mid-2020.

“More than a name change, this is a milestone that brings us closer to realising our ambition as a leading African bank to support growth and development on the continent and beyond,” said Absa Group Chief Executive Daniel Mminele. “We are now united under a single brand in 12 countries in Africa.” Absa also has representative offices in London and New York.

The group-wide rebranding programme, one of the largest corporate rebranding projects in Africa currently, started with the launch of a refreshed visual identity in South Africa in July 2018 to reflect the group’s new identity as a standalone African bank. The name and brand change programme has seen the Absa logo replacing Barclays branding on thousands of asset types, including branches, offices, ATMs, uniforms, cards, stationary, forms, apps, websites and more.

“Today, we as the Absa Group, re-affirm our commitment to contributing to growth and economic development in Africa. We have a long-established and respected legacy in all our African markets, which will serve us well for the future,” said Peter Matlare, Absa Group Deputy CEO and Chief Executive of Absa Regional Operations. “By adopting the Absa name, we are leveraging our rich African heritage in order to drive relevant initiatives that will further unlock our continent’s potential, deepen regional integration and support accelerated growth,” he said.

The renaming of the subsidiaries is being celebrated with an array of events across the countries, as part of the marketing and communications drive to create awareness of the name change. 

The rebranding programme unites Absa’s operations in 12 African countries behind a single identity, purpose and strategy.

Absa brand transition timeline

• March 2016: Barclays PLC announces that it will reduce its ownership of Barclays Africa Group Limited (now called Absa Group Limited) from 62.3% to a minority shareholding, over time. This comes as global bank regulations tighten after the 2008 financial crisis, making it less attractive for international banks to own stakes in banks abroad.
• December 2017: PLC concludes the sell-down, leaving the UK company with a 14.9% stake in the Group. Barclays PLC indicates that this is its long-term desired ownership level, and says that it does not plan to effect further sales at this time.
• March 2018: Barclays Africa Group announces new Group strategy focused on growth, of which Absa Regional Operations (Absa’s operations outside of South Africa) is crucial.
• July 2018: The Group’s name is changed from Barclays Africa Group Limited to Absa Group Limited, and the decision to change subsidiary names to ‘Absa’ is announced. A refreshed brand is unveiled in South Africa.
• November 2019: Barclays Bank Uganda and Barclays Bank Mozambique are renamed as Absa
• February 2020: All remaining Barclays-branded subsidiaries are renamed as ‘Absa’ 

 

In the lead up to the 17th edition of the Absa Cape Epic, Africa’s Untamed Mountain Biking (MTB) Race, Absa will continue to entrench its purpose of bringing possibility to life by launching an initiative called #SheUntamed. #SheUntamed is a programme designed to improve women’s access to the sport of MTB, a programme for women who are passionate about MTB, cycling and living an active lifestyle.

As part of the programme, the Absa Cape Epic will, for the first time in the event’s history, dedicate a session of the 2020 Epic Trippers programme exclusively to female cyclists. The Epic Trippers programme allows riders to experience parts of the regions that the race visits and enjoy some of the country’s best trails, whilst watching the world’s best mountain bikers in action.

Absa has partnered with well-known adventurers, athletes and cyclists Letshego Zulu, Nicole Capper and Phathokuhle Zondi to amplify the #SheUntamed initiative.

Social rider Nicole Capper, who will be taking part in an Epic Trippers session for the very first time, says she is looking forward to a memorable experience. “Being part of the Absa Cape Epic presents another opportunity for me to test my endurance against the most formidable opponent; the great outdoors. After my attempt at summiting Mount Everest and having reached the top of Kilimanjaro, the Epic Trippers Session is the next challenge I look forward to and hope to conquer it,” says Capper.

Zulu echoes the same sentiments and says she looking forward to riding with other women in the Epic Trippers session, having previously competed in two full Absa Cape Epic races. “I have an emotional connection to the race, and I am excited to share my passion for cycling with other #SheUntamed women,” she says.

Female MTB enthusiasts who are up for the challenge can stand a chance to win a place for themselves and a partner at this year’s women’s-only Epic Trippers session in the picturesque town of Tulbagh, Western Cape, 17 – 19 March 2020.

The competition will be driven via Absa’s social media platforms where ladies will need to upload pictures and/ or videos of themselves MTBing and showing their #SheUntamed spirit. The winner of this competition will be announced on 2 March 2020. Ts & Cs apply.

For more information about the Absa #SheUntamed initiative, follow #SheUntamed on Absa’s social platforms.

Absa Group Ltd. and The Digital Academy today showcased solutions designed to solve everyday problems, developed by students at the academy. A course in software development is offered as a collaboration between Absa and The Digital Academy.

Since the start of the initiative in 2015, The Digital Academy has trained 380 students, 196 of whom have been placed at Absa’s technology division as interns, contract workers or in permanent posts.

“Absa has collaborated with The Digital Academy for the last five years to build the talent pipeline in the local tech industry and within Absa. Through the academy’s six-month fast-track software development training course, run twice a year, 40 to 60 students are currently being upskilled every year,” said Thabo Mashaba, Head of the People Function for Engineering Services at Absa.

“The academy offers a unique approach to rapidly building the tech talent pipeline, while creating real career prospects and skills for young people who have the passion, but not the means to pursue tertiary training,” said Mashaba.

Statistics South Africa’s third quarter 2019 Labour Force Survey indicated that the percentage of people aged 15 to 44 years who were not in employment, education or training stood at 32.3%.

“Through our collaboration with The Digital Academy, we are striving to build a much-needed pipeline of technology talent, both for Absa and the local economy,” said Mashaba.

“Currently, more than four in every ten young females are not in employment, education, or training,” which is why this collaboration with Absa is so important, said Gary Bannatyne, The Digital Academy founder.

The academy aims to bridge the technical knowledge gap between matric and work, and brings students up to speed with the latest technology being used in the rapidly changing environment.

“It bridges the gap between the technology theory that students are exposed to at school or other tertiary training courses, and the practical experience they need to succeed in a real-world working environment,” said Mashaba.

•  Deal follows the recent announcement of CDC’s initial US $75 million risk sharing facility with Absa

CDC Group plc (“CDC”), the UK’s impact investor for Africa and South Asia, has today announced at the Africa Investment Summit a US$100 million trade finance loan with Absa Bank Limited (Absa), one of Africa’s largest diversified financial services groups.

The fresh injection of finance will be deployed by Absa and its affiliates in 12 countries to support trade transactions undertaken by local businesses, African SMEs and entrepreneurs.

Trade Finance plays a key role in Absa’s strategy to become a leading pan-African bank. The investment will enable trade finance lending to Absa Group subsidiaries in Botswana, Ghana, Kenya, Mozambique, Tanzania, Uganda and Zambia, as well as other non-subsidiary correspondent banks across Africa.

This direct loan follows a recent agreement by CDC to provide a US$75 million trade finance facility to Absa. The combined sum of US$175 million is CDC’s largest trade finance commitment in Africa.

CDC’s dual capital commitment with Absa comes at a critical time for African businesses, particularly for SMEs that have suffered due to the decrease in the flow of hard currency to African banks over recent years. This can often prevent companies from taking advantage of opportunities to grow, secure export opportunities and increase employment. 

George Wilson, Head of Institutional Trade at Absa, said: “Having the CDC as a partner will significantly boost our financial commitment to drive African trade and practically support local banks, businesses, SMEs and entrepreneurs – the real source of GDP growth and developmental transformation of African economies. This is a major step in turning back the tide of African de-risking that has starved the continent of trade finance and should profoundly enhance Absa’s Trade Hub contribution to making the Continental Free Trade Agreement (CFTA) the success it needs to be.” 

Admir Imami, Director, Head of Trade & Supply Chain Finance at CDC, said: “DC now has US$850 million of commitments in place with five partner banks and has subsequently supported nearly 2,000 trade finance transactions across Africa and South Asia since 2015.

“Our commitment to boosting African trade is paramount to the economic and social development of Africa, and to addressing a US $90 billion to $120 billion financing gap to local businesses.

“Over the last few years, banks headquartered in places such as the US and Europe have reduced their exposure to Africa which has led to an acute shortage of trade finance capacity in countries in Africa that need it the most. This in turn has prevented African businesses from fulfilling their potential and taking advantage of global market opportunities.

Entrepreneurs in Africa deserve the same opportunities as their counterparts in other, more developed economies, where trade financing is much easier to come by.”

CDC partners with both international and local banks to boost levels of trade finance to their clients. The company focus on countries where raising capital is a challenge which stagnates economic prosperity. CDC is playing key role in closing the trade finance gap in Africa. This duel partnership with Absa is a considerable step in addressing this challenge.

Stimulating trade in African businesses is key to alleviating poverty where average GDP per capita stands at just US$1,930 (*NoE 3). Critical to advancing trade are the region’s businesses, yet they often face constraints in accessing finance which stagnates their growth, with trade finance a significant challenge. 

The seasonally adjusted Absa Purchasing Managers’ Index (PMI) edged lower to 47.1 index points in December 2019 from 47.7 points recorded in November. The December figure is about one point below the average recorded through 2019. In any case, the PMI paints a bleak picture of the performance of the manufacturing sector through the year as the headline PMI only managed to edge above 50 points for two months in 2019. Bouts of load shedding and persistent weak domestic demand, coupled with more intense headwinds, from the global economy likely weighed on activity during the year.

In December, two of the major subcomponents registered fairly large declines. The new sales orders index slumped to record the lowest level seen in 2019. Part of this may stem from weaker external demand as respondents noted a drop in exports for a second consecutive month. Driven by the drop in demand, business activity also fell in December. Activity was further hampered by the return of load shedding during the month, with some respondents specifically flagging electricity disruptions as the reason for lost production time.

These declines were, to some extent, countered by smaller improvements in the three other subcomponents: employment, inventories and supplier deliveries. However, of these three, only supplier deliveries came in above 50 points with the others still pointing to a worsening of conditions.

The index tracking expected business conditions in six months’ time declined again in December after a slight improvement in November. The index fell to 45.9 from 47.4 in November. This is in stark contrast to the start of 2019, when the index was at a lofty 67.2 points. The return of load shedding likely soured expectations in December, while some may be concerned that export demand could continue to falter in the first half of 2020.

The purchasing price index rose in December to reach 65.8 index points, from 63.3 in the month before. Despite the increase, the index remains fairly low after sharp declines in October and November.

• PMI Infographic December 2019
• Absa PMI December 2019

Absa Group Ltd, one of the largest diversified financial service providers in Africa, has concluded an agreement with the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, helping Absa expand financing across seven countries in Sub-Saharan Africa.

In terms of the agreement, MIGA will issue guarantees of US$497 million to Absa. The guarantees are valid for as long as 15 years and apply to Absa’s subsidiaries in Ghana, Kenya, Mauritius, Mozambique, Seychelles, Uganda and Zambia.

The guarantees will help to protect Absa against risks related to the mandatory capital reserves that Absa and other banks are required to hold with central banks. They will free up financial capacity, enabling Absa’s subsidiaries to provide additional lending and generate more revenue. The subsidiaries will increase sustainable financing for corporates and small and medium-sized businesses, as well as projects with co-climate benefits.

“We are pleased to work with MIGA. Their guarantees allow us to provide additional financing in our subsidiaries in Ghana, Kenya, Mauritius, Mozambique, Seychelles, Uganda and Zambia,” said Jason Quinn, Absa Group Financial Director

Absa is the first African banking group to enter into this type of guarantee transaction with MIGA.

Absa Group Limited (AGL) appoints Daniel Mminele as Group Chief Executive

•           Mminele to start on 15 January 2020
•           A “forward-thinking” leader that will drive Absa’s long-term growth

Absa Group Limited (AGL) today announced the appointment of Aaron Daniel Mminele as Group Chief Executive of Absa Group, effective from 15 January 2020. Mminele will be taking over from René van Wyk, who has been leading the bank on an interim basis since Maria Ramos’ retirement in February 2019.

“We are delighted to welcome Daniel to the Absa family. He brings with him a deep understanding of the financial services industry both in South Africa and abroad,” said Wendy Lucas-Bull, Chairman of the Absa Group Board. “His unique skills set and global perspective make him a suitable leader to drive our bank’s focus on long-term growth that is digitally-led across our markets.

Absa launched its strategy in March 2018, which focused on regaining market share in core businesses. We then reconfigured our operating model and made changes to our Executive Committee to set up the business for implementation of the strategy.

“In terms of his starting point, Daniel will want to assess where we are in implementing that strategy and assess how he can play a role in strengthening the team’s ability to continue on that journey. As a leader, he will make his own assessment of what is required but he has a complete open mandate as the Group CE to lead this organisation,” said Lucas-Bull.

Mminele spent more than 20 years at the South African Reserve Bank (SARB), where he rose through the ranks to be a Deputy Governor and a member of key committees such as the Monetary Policy Committee and Financial Stability Committee. His other main responsibilities at the SARB included financial markets and international economic relations and policy.

He has 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 roadshow to promote South Africa.

“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.”  

Before joining the SARB, Mminele worked as a banker. After completing a Diploma in Banking at Sparkasse Paderborn in Germany in 1987, he spent eight years in various roles at the Westdeutsche Landesbank Girozentrale, at its Düsseldorf and London offices. He continued his studies while in the UK and obtained various certificates from the UK’s Chartered Institute of Bankers.

He came back to South Africa in 1995, then spent about two years each at Commerzbank, working as a customer relations manager in corporate banking, and at African Merchant Bank, as a project and structured finance specialist, in Johannesburg.

“We are really looking forward to Daniel joining the Absa Group and to his leadership in driving our strategy and guiding this organization into the future,” said Lucas-Bull.

“We are also thankful to René for the job that he is doing especially overseeing the progress we have made in our separation from the PLC and the key milestones we have achieved in 2019,” she added.

Van Wyk will step down as Chief Executive on 14 January 2020, but remain with the Group as an executive director for handover purposes until 31 January 2020.  He will rejoin Absa Group and Absa Bank’s boards as a non-executive director, following a six-month cooling-off period.

For more information please contact:

Phumza Macanda

M +27 82 899 3293

Email: Phumza.Macanda@absa.africa

About Absa Group Limited

Absa Group Limited (‘Absa Group’) is listed on the Johannesburg Stock Exchange and is one of Africa’s largest diversified financial services groups. 

Absa Group offers an integrated set of products and services across personal and business banking, corporate and investment banking, wealth and investment management and insurance.

Absa Group has a presence in 12 countries in Africa, with approximately 40 000 employees.

The Group’s registered head office is in Johannesburg, South Africa, and it owns majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa (Absa Bank), Tanzania (Barclays Bank Tanzania and National Bank of Commerce), Uganda and Zambia.  The Group also has representative offices in Namibia and Nigeria, as well as insurance operations in Botswana, Kenya, Mozambique, South Africa, Tanzania and Zambia, and an International Representative Office in London.

For further information about Absa Group Limited, please visit www.absa.africa