South Africa’s new bank announces leadership team

OM Bank has announced its new executive team and board, with the Capitec challenger only months away from launch.

Old Mutual said that the new bank, which cannot hold the Old Mutual name due to regulation requirements, will be chaired by Nomkhita Nqweni.

Nqweni resigned as an independent non-executive director of Old Mutual and received approval from the South African Reserve Bank’s Prudential Authority alongside several key members of the executive.

“We would like to express our deepest appreciation for Ms Nqweni’s invaluable contribution during her tenure as a member of the Old Mutual Board,” said Old Mutual Board Chairman Trevor Manuel.

“We further congratulate her on her appointment and wish her well in her new role as Chairman of the OM Bank Board.”

Nqweni has a wealth of experience, having worked as the CEO of Absa’s Wealth and Investments division from 2010 to 2019.

At 50 years old, Nqweni is one of the youngest black female directors to chair a bank in South Africa and will be supported by the following members of the OM Bank Board.

• Juma Arogo
• Peter de Beyer
• Amal Desai
• Albert Essien
• Rob Leathers
• Melvyn Lubega
• Arina McDonald
• Clarence Nethengwe
• Casper Troskie
• Iain Williamson

Clarence Nethengwe was confirmed to be the CEO of OM Bank earlier this year, having worked as the group’s Managing Director: the Mass & Foundation Cluster.

He will be joined by the following executives:

• Chief Financial Officer: Amal Desai
• Chief Compliance Officer: Pheona Härtel
• Chief Technology & Data Officer: Suvania Moodliar
• Chief Risk Officer: Lushendren Pather (starting 1 June 2025)
• Chief Information Officer: Ray Deftereos
• Chief People Experience Officer: Nomaswazi Ngwane
• Chief Operating Officer: Pauline Molloyi (acting)
• Chief Legal Counsel: Athena Pavlakis

“The formal approval of the OM Bank Board and key executive leadership will give further momentum to the establishment of OM Bank,” said Nethengwe

“It will also embed the group’s long-term competitive advantage and strategic choice of building an Integrated Financial Services business.”

OM Bank will have a soft launch in Q2 2025 before seeing a wider launch in Q3 2025. The bank is primarily targeting the mass retail market.

This means that the new entrant will be taking on Capitec, which is South Africa’s largest bank by customer numbers, at over 23 million.

Although OM Bank will be a digital bank, Old Mutual said that it will use its existing branch network to broaden its customer branding experience.

From a product standpoint, the bank will offer transactional banking in the mass market and will also have a credit offering.