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Absa Champions South Africa’s Investment Potential at London Investment Week

Absa Champions South Africa’s Investment Potential at London Investment Week

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Absa has partnered with Brand South Africa and the South African High Commission in London, on London Investment Week, which brings an exclusive opportunity to engage directly with key decision-makers and industry leaders at the forefront of economic opportunities between South Africa and the UK. This unparalleled platform that brings together influential figures from both South Africa and the United Kingdom, including senior government officials, prominent business leaders and global investors.

London Investment Week aims to attract significant investment into South Africa, showcasing the country's vibrant economic landscape and marking 30 years of democracy while highlighting opportunities in key growth sectors, including small and medium-sized enterprises (SMEs).

Absa is taking a pioneering role in driving national economic priorities, by partnering with the Government of National Unity (GNU) on the investment roadshow. This collaboration, undertaken on behalf of Brand South Africa, the Department of International Relations and Cooperation (Dirco) and other key institutions, underscores Absa’s strategic alignment with government objectives and its commitment to positioning South Africa as a premier destination for investment.

“Despite global and local headwinds, Africa’s economies continue to show remarkable resilience. The IMF and World Bank project steady growth across the continent in the medium term, driven by structural reforms, infrastructure development, and a growing middle class. In South Africa, inflation is expected to continue to decline, easing the cost-of-living pressures on households. At Absa, we are committed to supporting these structural reforms and infrastructure advancements that are key to driving Africa’s economic growth,” said Charles Russon, Interim Group Chief Executive Officer designate at Absa Group. “Our tailored financial solutions and advisory services are designed to help clients and investors navigate emerging trends while contributing to sustainable development across the continent.”

Total trade in goods and services between the UK and South Africa was valued at £10.3 billion in the four quarters to the end of Q1 2024, with South Africa being one of the UK’s 30 largest trading partners, accounting for 0.6% of total UK trade. The potential for growth in sustainable and green investments, particularly in sectors such as renewable energy, infrastructure, and technology, therefore, remains significant.

Absa is uniquely positioned to facilitate this growth, having established its UK office in 2018 with the aim of becoming the preferred corporate and investment banking partner for UK and European investors looking to do business in Africa’s growing economies. The goal is to enable UK businesses to mitigate risks and realise their strategic ambitions in Africa.

“At Absa, our vision is bold and long-term. In the coming years, we aim to deepen our roots in key emerging markets while expanding our global reach,” says Russon. “The message is clear: Africa is open for business. The recent launch of our presence in China marks another milestone in connecting African markets with one of the world’s largest economies. We see immense potential to strengthen ties between Absa and other growing regions, adding to our footprint across the continent, the UK, the US, and Asia.”

As Absa continues to champion South Africa’s investment potential, the bank remains committed to ensuring that the benefits of partnerships created at these events contribute to a more inclusive and sustainable economic landscape in South Africa. By facilitating investment in key growth sectors, Absa is playing a vital role in shaping the future of the country’s economy and supporting its integration into the global market.

Absa Interim CEO designate Charles Russon - London Investment week September 2024

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Absa Paves the Way for South African SMEs at London Investment Week

Absa Paves the Way for South African SMEs at London Investment Week

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In its role as a catalyst for entrepreneurial success and sustainable economic development across the continent, Absa has sponsored 15 local entrepreneurs running small and medium-sized enterprises (SMEs) to participate in the South African Business Showcase in the United Kingdom. The showcase is part of a series of events hosted during the South African Government’s “London Investment Week”, aimed at fostering cross-border collaboration and investment. London Investment Week is an unparalleled platform that brings together influential figures from both South Africa and the United Kingdom, including senior government officials, prominent business leaders and global investors.

These entrepreneurs, selected for their impactful contributions to their industries, innovative business propositions, and their roles as job creators, represent the dynamic potential of South Africa’s SME sector. They will have the once-in-a-lifetime opportunity to pitch for funding and connect with potential partners in the UK, showcasing their businesses to a global audience. Additionally, they will participate in a five-day immersion programme designed to empower them to scale their ventures. This programme includes practical workshops, networking opportunities, site visits, and mentorship from industry experts.

“We recognise that SMEs are not just businesses; they are the dreams, aspirations, and livelihoods of millions of Africans. In line with our efforts to become the Bank of the Entrepreneur, Absa aims to be the partner of choice for SMEs, fostering long-term relationships and becoming their primary financial ally as they scale,” said Ronnie Mbatsane, Managing Executive: SME Business.

The South African Business Showcase, taking place from 30 September to 4 October 2024, is part of Absa’s strategic partnership with various stakeholders to support investment interest in South Africa from the UK. The event aims to enhance collaboration between the South African and UK entrepreneurship ecosystems, focusing on connecting South African SMEs with major businesses and investors, facilitating market access, and exploring funding opportunities. The showcase will be attended by government ministers, selected entrepreneurs, corporate entities, and media representatives.

This initiative is one of several that Absa is supporting during London Investment Week. In collaboration with the Department of International Relations and Cooperation, Brand South Africa, and other key institutions, Absa has partnered on a series of events, including the opening gala dinner, which will be attended by the Deputy President of South Africa, Paul Mashatile, and other ministers. The events are intended to highlight South Africa’s vibrant SME sector and the significant role it plays in the country’s economic growth.

“This initiative forms part of our efforts, in collaboration with the Government of National Unity, to drive investment interest in South Africa from the UK, while marking 30 years of democracy and showcasing SME development in South Africa,” adds Mbatsane. “By showcasing the strength of our SMEs and the entrepreneurial spirit that drives them, we are also promoting a broader message of citizenship and national pride.”

Absa’s commitment to empowering Africa’s tomorrow, together, one story at a time is evident through its support for initiatives that foster growth and financial inclusion for SMEs, especially those led by women and youth entrepreneurs. The bank offers unique solutions designed with these business owners in mind, such as the Absa Emerging Entrepreneur and Absa Business She Thrives programmes. These solutions include a monthly fee waiver for six months on new Business Evolve accounts and access to funding of up to R5 million on an unsecured basis, supported by Absa’s Enterprise Development and Alternate Lending Solutions.

Additionally, Absa is dedicated to advancing financial inclusion by means of its 'Financial Inclusion through Entrepreneurship' initiative, which focuses on empowering small businesses and entrepreneurs. Through comprehensive Enterprise Development initiatives, the bank provides targeted support including access to finance, business development services, and strategic partnerships designed to address the unique challenges faced by black entrepreneurs.

“By providing tailored financial solutions, mentorship, and access to markets, Absa is empowering a new generation of entrepreneurs to overcome barriers and thrive,” concluded Mbatsane. “We believe in the potential of African entrepreneurs to drive economic growth and create sustainable jobs, and we are committed to supporting them every step of the way.”

To find out more about Absa International Banking click here

Media enquiries to:
Daniel Munslow

Managing Executive: Group Communications Absa Group

PRmedia@absa.africa

Ronnie Mbatsane - Managing Executive: SME Relationship Banking

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Absa to Provide HSBC Global Equities and Securities Finance Clients with Access to SA Market

Absa to Provide HSBC Global Equities and Securities Finance Clients with Access to SA Market

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Absa has come to an agreement with HSBC for Absa to provide HSBC’s global equities and securities finance clients with access to the South African market. In terms of the agreement, Absa will provide HSBC and its clients with access to a full suite of equities trading and prime brokerage products in South Africa.

The agreement aligns with Absa’s growth ambitions, which includes serving corporate and investment banking clients with access to equities markets and product, and underscores Absa’s position as a leading equities franchise in South Africa, with a market-leading equities trading and finance platform and prime brokerage capabilities to deliver on clients’ needs and expectations.

“The agreement is an endorsement of our strategy, which emphasises providing our clients with best-in-class equities product and equity market access,” commented Quintus Kilbourn, Head of Equities at Absa Corporate and Investment Banking. “It is also recognition of the depth of Absa’s client base and equities product,” he continued.

The agreement with HSBC came into effect on 26 September 2024.

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Winelands Welcomes Fan Friendly 2025 Absa Cape Epic Route

Winelands Welcomes Fan Friendly 2025 Absa Cape Epic Route

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Legend awaits in the next chapter of the Absa Cape Epic saga. From the Prologue on Meerendal Wine Estate to the Grand Finale’s finish line at Lourensford Wine Estate, the 2025 route provides the terrain for each participant to add to the lore of the world’s premier mountain bike stage race. For over 1200 amateur riders, it’s a life-affirming, bucket-list goal. For the professionals, it defines seasons and careers. Each edition of the Absa Cape Epic is meticulously designed months in advance, offering a route that challenges, rewards, and creates unforgettable moments, while setting the stage for drama and captivating viewing from around the globe.

Daniel Munslow, Absa Managing Executive: Group Communications says, “We remain committed to our sponsorship of this premier event, which resonates deeply with our brand ethos that your story matters. Over the years, we have witnessed the incredible evolution, growth, and success of the Absa Cape Epic, and we are proud to be associated with such an iconic event. The enduring partnership between Absa and the Cape Epic is a testament to our shared commitment to elevating world-class sports while leveraging our potential to be a force for good. This collaboration delivers real impact, from the riders to corporate citizenship initiatives, including community development, education, and women empowerment.”

The 2025 race spans 608 kilometres with 16,500 meters of climbing—a tale waiting to be written across Durbanville, Paarl, Stellenbosch, and Somerset West. It begins with a familiar Prologue at Meerendal Wine Estate, setting the scene with sharp climbs and flowing singletracks before delving into the core chapters of this epic race.

Stage 1 deviates from tradition by starting and finishing at Meerendal, after a Prologue at the famous mountain biking venue. The 96-kilometer marathon through Durbanville's wine farms features the best of the Tygerberg trail network and offers fans ample opportunity to see their heroes in the flesh. It is the first big test and one which should reveal who the week’s main protagonists will be.

The narrative then takes a twist with an early time trial, a point-to-point test from Meerendal to Fairview in Paarl, setting the scene for significant gains but also potential losses.

Two new stages in Paarl around the famous granite outcrops, showcasing fresh territory and previously untapped trails. “The Drakenstein Municipality has always been welcoming, and for next year we devised a course that will not simply touch on the riding there, but truly showcase it,” Route Director, Hendrico Burger revealed.

The Queen Stage on Friday takes the teams from Fairview to Lourensford Wine Estate in Somerset West. It not only challenges riders with just over 103 kilometres of racing, but also features 3,050 metres of climbing and numerous opportunities for trail-side views to watch the teams fly by.

The stage is set to be a thrilling crescendo over the final weekend at Lourensford Wine Estate, where the celebrated trails and exquisite scenery of the neighbouring farms provide a fitting backdrop for the climax of the event.

Stage 6 mixes some of the legendary Lourensford sections with vast natural beauty, offering no relief after the previous day’s efforts. Singletracks through eucalyptus forests, dual tracks alongside orchards and vineyards, and mountainous ascents are all woven together in this penultimate stage.

Stage 7, the Grand Finale, will bring the 2025 chapter to its emotional close. As riders circle the Helderberg Dome, the terrain is poised for a final act of triumph for those who wish to write their name in the book of legends.2

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Absa Strengthens Commitment to Empower Africa’s Youth and Women through Financial Inclusion at the One Young World Summit 2024

Absa Strengthens Commitment to Empower Africa’s Youth and Women through Financial Inclusion at the One Young World Summit 2024

Absa Strengthens Commitment to Empower Africa’s Youth and Women through Financial Inclusion at the One Young World Summit 2024

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Johannesburg, 20 September 2024: Absa is proud to announce its continued partnership with One Young World (OYW), reinforcing its commitment to empowering Africa’s future leaders. As an Executive Partner at this year’s One Young World Summit, taking place from September 18 to 21, 2024, in Montreal, Canada, Absa will lead critical discussions on financial inclusion and entrepreneurship, focusing on youth and women across the continent.

The annual One Young World Summit brings together the brightest young leaders from over 190 countries and 250 organisations, all dedicated to accelerating social impact. Over the course of four transformative days, delegates engage in impactful speeches, interactive workshops, and extensive networking opportunities.

Dr. Steven Zwane, Managing Executive of Corporate Citizenship, says, “We are excited to work with One Young World once again to reaffirm our commitment to being an active force for good. This collaboration aligns perfectly with Absa’s efforts to partner with the United Nations Sustainable Development Goals (SDGs) and our ambition to be the home for top talent in Africa.”

Since 2021, Absa’s partnership with One Young World has made significant strides, the Absa OYW delegates have impacted over 22,000 beneficiaries across eight African countries. Through the efforts of 43 Absa OYW Ambassadors, the organisation has successfully aligned its initiatives with eight key SDGs, addressing critical areas such as gender equality, climate action, education, and poverty alleviation.

Key accomplishments include:

  • Gender Equality: Empowerment initiatives for 570 women, training programs for 160 individuals, and support for 224 girls to remain in school.
  • Climate Action: Planting 23,590 trees and providing clean energy and water solutions.
  • Education and Poverty Alleviation: Raising R200,000 for autism education, distributing over 16,000 meals, and making a positive impact on more than 9,000 individuals.

This year, Absa is taking its commitment to the next level by sending 20 young professionals and one Absa Fellowship fellow, as well as country representatives, cluster representatives, and corporate functions, to the One Young World Summit. These individuals are not just attendees but are recognised as changemakers, poised to lead and inspire.

At the summit, Absa will take the stage to lead discussions on financial inclusion, with a focus on empowering African youth and women. Between 2019 and 2023, Absa invested approximately R1.49 billion ($83 million) in social impact initiatives, positively affecting over 1.25 million individuals across its markets. These investments have driven significant societal and economic improvements, particularly in education, employability, income generation, financial literacy, and corporate community support.

“As Absa continues to focus on financial inclusion through entrepreneurship, the organisation is dedicated to fostering employability opportunities, empowering the next generation of African leaders.” Zwane concluded.

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InoBiodiesel Emerges Winner of She’s Next Grant Funding Competition

InoBiodiesel Emerges Winner of She’s Next Grant Funding Competition

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Visa in partnership with Absa is proud to announce Mahlatse Mamaila, of InoBiodiesel as the overall winner of the prestigious 2024 She’s Next South Africa competition. This initiative is part of Visa's ongoing commitment to fostering an inclusive and equitable environment for female entrepreneurs. She’s Next is supporting women-owned small businesses, offering crucial funding, comprehensive training, and valuable mentorship.

As the grand prize winner, Mahlatse Mamaila, of InoBiodiesel has been awarded a R400 000 monetary grant. Coming in second place Tshego Molefi, of Moli and Mela Group received R250 000, while R170 000 was granted to Pretty Kubyane, of eFama App who took third place.
Taking the Social Impact honour, Moli and Mela Group received R170 000. This category recognizes and supports entrepreneurs whose businesses are focused on creating positive social change by addressing and resolving critical issues in their communities. Their ventures not only generate economic value but also deliver measurable benefits to society.

Commenting on the anticipated impact of the program, Mahlatse Mamaila, Founder of InoBiodiesel shared that; “Being recognized by Visa and Absa is a powerful endorsement of our efforts and the impact we aspire to make. This program validates our belief that every small step matters and strengthens our commitment to our mission. The support from this grant, combined with the training and opportunities provided, will be crucial in enhancing our capacity and expanding our market reach. It will also enable us to create more employment opportunities within our value chain, driving broader positive change.”

Country Head for Visa, South Africa Lineshree Moodley expressed her enthusiasm stating “Congratulations to all the winners of the 2024 She’s Next competition. It is an honour to be part of their journey, recognizing and celebrating the innovation they bring into the local market. At Visa, we acknowledge the unique challenges that come with building a business, especially for women entrepreneurs who often face additional barriers and through the scaling of this programme and our partnerships, we aim to empower even more women in the coming years, ensuring that they have the support to grow their businesses sustainably, and contribute to a more inclusive economy,” adds Moodley.

In addition to the top five finalists, 25 additional SMEs have been selected to participate in an exclusively tailored capacity-building and mentorship program, developed in partnership with Absa. This initiative is designed to further support and empower women entrepreneurs, providing them with the tools and guidance needed to elevate and develop their businesses.

"As Absa, we continually ask ourselves what we can do to create opportunities and to elevate the stories of our stakeholders,” says Sanah Gumede, Managing Executive for Strategy and Customer Value Management at Absa Relationship Banking. “Given the specific challenges business owners face in starting and growing their businesses, we continue to be inspired by the entrepreneurs, particularly women, who find ways to get things done no matter the stumbling blocks. Those who rise to the occasion and respond with agility, bravery and conviction. Congratulations to all the finalists and winners. We celebrate your success and we look forward to walking the journey with you for many years to come.”

This year the competition attracted a multitude of applications from SMEs across the country, each presenting innovative solutions within sectors such as renewable energy, waste management and environmental services, jewellery, agritech, and construction.

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Absa hosts hackathon to ignite innovation and engagement in the Absa Technology community

Absa hosts hackathon to ignite innovation and engagement in the Absa Technology community

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Absa is proud to announce the successful completion of its second annual Hackathon, aimed at igniting engagement and fostering innovation within the Absa Technology community. The event also served as a platform for colleagues across Africa and Europe to contribute to critical business priorities through innovative digital interventions.

Johnson Idesoh, Group Chief Information and Technology Officer, says “This year's Hackathon, which underscores Absa's commitment to being a digitally led organisation, saw participants develop innovative solutions that align with our business objectives and address the evolving needs of both the company and our customers. We eagerly anticipate how these groundbreaking ideas will be integrated into our operations, improving customer experience and driving Absa forward.”

Held on 11 - 12 September 2024, the Absa Technology Hackathon, themed 10xImpact, challenged 36 teams (comprising 260 colleagues who battled it out for 24 hours) from across Absa’s operations to develop solutions that could deliver 10 times the impact across the organisation.

This technology competition was a great way to showcase collaboration and talent from colleagues across Absa Technology; the participants among others included colleagues from Botswana, South Africa, Mozambique, Ghana, Kenya, Seychelles and Prague.

We are excited to announce the group winners of the 2024 Absa Technology Hackathon across three distinct categories:

First Prize Winners: Hackernauts (South Africa and Prague)

Second Prize Winners: Dragons Unleashed (Botswana)

Third Prize winners: Teamo Supremo (South Africa)

“The 2024 Absa Technology Hackathon has once again demonstrated the incredible talent and innovative spirit within our organisation. In a display of remarkable creativity and forward-thinking the Hackathon has concluded with outstanding solutions to some of the most pressing business challenges.  The winning ideas will be tested further and supported through to implementation in the bank to the benefit of our customers and colleagues reinforcing Absa’s ongoing journey to be a leader in digital transformation. I’m proud of all our participants and winners, whose exceptional solutions have set a new benchmark for excellence,” Idesoh added.

As a bank whose purpose is to Empower Africa’s tomorrow, together, one story at a time, through fostering innovation from our colleagues; as Absa we are steadily making progress to foster financial inclusion through among others, facilitating access to affordable financial services and introducing innovative financial technologies that not only allow us to access the previously unbanked or underbanked but to also provide world class and seamless customer experience across our Africa Operations and beyond as we are a global organisation.

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Absa achieves ISO 27001: 2022 Certification

Absa achieves ISO 27001: 2022 Certification

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Absa has officially achieved ISO 27001: 2022 Certification, the globally recognised standard for Information Security Management.

Achieving the ISO27001 Certification means that we’ve met international standards for quality, efficiency, and security in our operations. This is a significant milestone that emphasises our unwavering commitment to safeguarding our information assets, manage risks, comply with regulations, while maintaining the highest standards of cybersecurity.

Why this is important to Absa?
ISO 27001 is an industry standard which helps us demonstrate good security practices and further improve relationships with clients and give us a competitive advantage. Achieving ISO 27001 certification is a testament to our dedication to securing sensitive information and protecting our clients’ data. It means that our robust information security management system is now officially recognised, demonstrating our commitment to best practices in information security.

To quote Johnson Idesoh, Group Chief Information and Technology Officer ~ “To give you an idea, there are 194 controls that one must adhere to and be able to evidence are effective to gain the certification. After the multiyear journey we have been on with cybersecurity this is a moment that recognises how much we have achieved. There are no guarantees in cybersecurity. We will not relent for one moment in our focus to protect the bank and we will continue to mature our capabilities in line with the best practice anywhere”.

A big thank you …achieving ISO 27001 certification is a collective achievement, and we want to extend our heartfelt thanks to Manoj Puri and his team in the Chief Security Office – the teams’ dedication, hard work, and commitment to security is evident in this accomplishment.

“Our story matters and I am incredibly proud of everyone in the Chief Security Office and our Risk partners, who demonstrated that the impossible can be made possible when a group of committed people come together to achieve a shared goal.” ~ Manoj Puri, Chief Security Officer.

Lastly, our journey doesn’t stop here. We are committed to continuous improvement – we will continue to mature our capabilities in line with the best practice anywhere as we strive to build a secure and resilient future for our Absa.

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Amaqhawe, sponsored by Absa because your story matters.

Amaqhawe, sponsored by Absa because your story matters.

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Number 1 Pay TV Channel in South Africa Zee Zonke Presents All-New Local Show, Amaqhawe -Our Heroes

Zee Zonke is thrilled to introduce its first original local show in isiZulu Amaqhawe (Our Heroes), which will premiere on 14 September 2024 at 5pm on DStv channel 169. Since the channel’s launch in August 2023, Zee Zonke has ranked number 1 in the Pay TV space and this is the channel’s first local foray, spotlighting the extraordinary stories of South Africans who have made notable contributions across various sectors.

In a world where remarkable achievements often go unnoticed, Amaqhawe shines a light on those who have defied the odds to make meaningful impacts either socially, economically, or culturally. These unsung heroes make a difference in several lives in their fields of music, arts, literature, entertainment, medicine, education, politics and business.

A panel of experts selected 28 individuals from hundreds to feature in Season 1. Each episode will delve into the lives of these achievers, exploring their challenges, perseverance, and successes. Through interviews, dialogues, and interactions with family members, friends and communities, Amaqhawe seeks to inspire and aspire viewers in a manner sever seen before.

“At Zee Zonke, we believe in the power of storytelling to connect, inspire, and uplift communities. With Amaqhawe, we are proud to honor the outstanding individuals who have and are making a difference. We are thrilled to partner with Absa which reinforces our commitment to celebrating the diverse and impactful stories that shape our nation.” said Somnath Malakar, CEO, Sub Saharan Africa and Indian Ocean Islands.

Hosted by the charismatic and ever-popular duo Phindile Gwala and Luthando ‘BU’ Mthembu, the show promises to be vibrant, entertaining, inspirational and aspirational with stories that truly resonate.

“Content is at the core of what Zee does which is why we created this local show. We understand how important it is that people get to tell their own stories which can shape and empower communities. We also want to do the best we can for our audiences, where they get to see themselves on screen which adds to the enjoyment that locally resonant storytelling provides.” said Desiree Pillay, ZEE SVP: Content & Marketing, Sub Saharan Africa and Indian Ocean Islands.

Daniel Munslow, Managing Executive for Group Communications at Absa says, “We are thrilled to partner with Zee Zonke on Amaqhawe (Our Heroes), a groundbreaking initiative that marks our first local foray into spotlighting the extraordinary stories of South Africans who have made significant contributions across various sectors. Amaqhawe aligns seamlessly with our strategic objective of ‘Empowering Africa’s tomorrow, together, one story at a time.’ Through this partnership, we are proud to celebrate the heroes who inspire us and drive progress within our communities.”

Tune in for the premiere of Amaqhawe on 14 September 2024 at 5pm, exclusively on Zee Zonke, DStv channel 169.

For more information, contact Linda Oliphant: Linda.oliphant@zee.com | +27826050974 Please contact Tsietsi Mahlasela (PRmedia@absa.africa) for Absa-related media enquiries.

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Early Retirement of Absa Group Chief Executive Officer, Arrie Rautenbach and appointment of Charles Russon as Interim Group Chief Executive

Early Retirement of Absa Group Chief Executive Officer, Arrie Rautenbach and appointment of Charles Russon as Interim Group Chief Executive

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Following engagements between the Board and the Group Chief Executive, Arrie Rautenbach, the parties have agreed that Arrie will take early retirement from the Group, effective from 15 April 2025. This was communicated to the market this morning via a SENS announcement, as required in terms of the JSE Listings Requirements and the Companies Act.

Arrie will cease to be the Group Chief Executive Officer and an Executive Director of the Absa Group and Absa Bank with effect from 15 October 2024, followed by a 6-month contractual notice period which will be served as garden leave.

The Board, on behalf of the Group, thanks Arrie for his commitment and extensive contribution to the Group over a career that spanned over 27 years with the organisation and wishes him well in his retirement.

Charles Russon will become Interim Chief Executive Officer of Absa Group and Absa Bank effective 15 October 2024, subject to regulatory approval. He will also become an Executive Director on these Boards. Charles’ appointment will enable a smooth transition, while the Board conducts a diligent search for a new permanent Group CE.

Charles has been Chief Executive of Absa’s Corporate and Investment Bank since 2018 and a Group Executive Committee member since 2014. He joined Absa Capital in 2006 as Chief Financial Officer, and has held numerous senior roles in the group, including Regional Head of Finance for Absa Group, Chief Operating Officer for Absa Group and Chief Executive: Engineering Services for Absa Group. Charles completed his articles with KPMG and then worked for Merrill Lynch in London and Deutsche Bank in London and Frankfurt. He is a member of The South African Institute of Chartered Accountants and holds a Bachelor of Commerce degree from Rhodes University.

Yasmin Masithela will become Interim Chief Executive Officer of Absa’s Corporate and Investment Bank effective 15 October 2024, subject to regulatory approval. A seasoned executive, Yasmin is currently Managing Executive Corporate Transactional Banking, CIB and has been in that role since May 2019. She previously held the positions on Group Exco as Chief Executive Strategic Services, and Chief Compliance Officer, respectively. Prior to that, Yasmin was General Counsel for Wealth Investment Management and Insurance. She was a founding partner of Phukubje Pierce Masithela Attorneys, and headed up Project and Export Finance for Siemens Limited. Prior to that, she was an Associate at Webber Wentzel & Bowens where she completed her articles. Yasmin holds a BA and LLB (UCT), Higher Diploma in Company Law (WITS) and LLM, Tax Law (WITS).

The Board, on behalf of the Group, also wish both Charles and Yasmin well in their interim roles.