New era for Absa

Banking group Absa has announced that it has restructured its retail and business banking segment, including a new leadership team and operating model that will kick in next month.

As part of the structural changes, the group’s everyday banking, product solutions and private wealth segments have been integrated into a new division called Personal and Private Banking.

Christine Wu and Geoffrey Lee, former chief executives for the old segments have been appointed as interim co-chiefexecutives for the new retail business.

The bank’s relationship banking segment will now operate as Business Banking, with a more focused approach to small and medium businesses and commercial clients.

Absa veteran Faisal Mkhize, chief executive for relationship banking, will assume the role of chief executive for business banking.

The leaders will continue to serve on the Absa Group Executive Committee.

Charles Russon, Absa’s Interim Group Chief Executive Officer, said the changes are kicking off a new era for the bank, with the new franchises integral to its performance.

“There are clear commercial benefits that will flow from the new business construct, which will be steered by seasoned, experienced and established Absa executives,” he said.

Mkhize has been with Absa since 1996 in various leadership roles, while Wu and Lee have more than 20 years of collective experience at the group.

The group said the changes will take effect from 2 June 2025.

The changes also come ahead of Absa’s new CEO, Kenny Fihla, taking up his position later in June.

Fihla, the former deputy CEO of Standard Bank, was announced as Absa’s new CEO in March.

He will become Absa’s seventh CEO in as many years. Following the early retirement of CEO Arrie Rautenbach, Russon took over as Interim CEO in 2024.

Russon will stay on as Interim CEO until 16 June 2025. He will work closely with Fihla to ensure a smooth leadership transition, whereafter he will take another key senior role.

Another key change at the group will be its board chair after the current chairman, Sello Moloko, steps down from the role and as an independent non-executive director, effective 15 July 2025.

René van Wyk will succeed Moloko as chairman of the board effective 15 July 2025, subject to regulatory approval.