FNB’s Jordaan eyes Cape start-up culture

 ·23 May 2013
Michael Jordaan

Departing FNB CEO, Michael Jordaan is hoping to become a part of tech start-up “vibe” in the Cape in due course.

Listed financial services group, FirstRand  announced ON Wednesday (22 May) that Jordaan will step down as CEO of its FNB Division at the end of 2013.

FNB has led South Africa’s banking digital revolution with Jordaan at the helm.

FNB was the first South African bank to offer mobile banking through an app, which grants users all the benefits of banking, using their smartphones or tablet PC devices.

The bank says it is driving towards a level of online functionality that will make it possible for customers to bypass the need for branch interaction.

Michael Jordaan stepping down

Michael Jordaan stepping down

In an interview with Moneyweb, Jordaan said that having commuted from Cape Town to Johannesburg on a weekly basis to fulfil his duties with FNB, he hoped to re-engage with his family.

“There’s lots of entrepreneurial things one can do not based in Joburg. The world’s become much smaller and much flatter. Technology allows amazing things, and there is a whole technological start-up vibe in the Cape that I hope to become part of in due course,” Jordaan said.

In reference to speculation of an early retirement, Jordaan (46) told Moneyweb: “I don’t like that word. The one that starts with an R. I can’t even bring myself to say it. The way I look at it, it’s a bit like a sporting game and its half-time now, and I’m going to take a little bit of time out to decide which way I’m going to play in the second half.”

In a separate interview with ZA Confidential Jordaan said: “I want to do something significant, which is quite a challenge after this big job I am leaving behind. I like to get my hands dirty. I admire entrepreneurs and am fascinated by technology and innovation. I want to create jobs and add value – and also to give back academically.

He told the publication that he wanted to travel to Silicon Valley.

Jacques Celliers, who is currently the CEO of FNB Business Banking and head of FNB´s
India expansion,  has been appointed to succeed Jordaan.

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