Development Bank of Southern Africa appoints new CFO

The Development Bank of Southern Africa (DBSA) has announced the appointment  of Boitumelo Mosako as chief financial officer.

Mosako is a CA(SA) with over 12 years’ experience in financial services. Prior to joining DBSA as CFO, she served as the CFO at the South African Bureau of Standards and before that, as General Manager: Finance at DBSA.

She had prior to those worked at Triumph Venture Capital, Citigroup, and Ernest & Young, respectively.

In 2016, DBSA formulated and tabled a growth strategy designed to respond to changing client needs, increasing demands to grow developmental impact, persistently difficult economic conditions and an increasing competitive environment.

The need to revise the operating model of the bank was identified as one of the critical enablers to execute the new strategy., while the new operating model incorporates three front-line divisions – coverage, transacting and project preparation.

In addition to the CFO, the executive management structure based on the new operating model is as below

  • Paul Currie: chief investment officer, previously chief risk officer;
  • Mohan Vivekanandan: group executive: client coverage, previously group executive for strategy;
  • Mohale Rakgate: group executive: project preparation, previously general manager: project preparation unit;
  • Mpho Kubelo: chief risk officer, previously general manager: risk management;
  • Zodwa Mbele: group executive: transacting, previously general manager: finance;
  • Ernest Dietrich: group executive: treasury and balance sheet management, previously group executive for South Africa Finance;

With the following positions remaining the same:

  • Patrick Dlamini: chief executive (term extended for a further five years);
  • Mohammed Bhabha: group executive: Infrastructure Delivery (acting);
  • Michael Hillary: group executive: financing operations.

The former CFO, Kameshni Naidoo and Rieaz Shaik, then group executive: International Financing resigned during the review of the bank’s operating model.

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Development Bank of Southern Africa appoints new CFO