{"id":814154,"date":"2025-02-25T17:25:53","date_gmt":"2025-02-25T15:25:53","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=814154"},"modified":"2025-03-05T10:02:04","modified_gmt":"2025-03-05T08:02:04","slug":"south-africas-new-bank-announces-leadership-team","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/814154\/south-africas-new-bank-announces-leadership-team\/","title":{"rendered":"South Africa&#8217;s new bank announces leadership team"},"content":{"rendered":"\n<p>OM Bank has announced its new executive team and board, with the Capitec challenger only months away from launch. <\/p>\n\n\n\n<p>Old Mutual said that the new bank, which cannot hold the Old Mutual name due to regulation requirements, will be chaired by Nomkhita Nqweni. <\/p>\n\n\n\n<p>Nqweni resigned as an independent non-executive director of Old Mutual and received approval from the South African Reserve Bank&#8217;s Prudential Authority alongside several key members of the executive. <\/p>\n\n\n\n<p>&#8220;We would like to express our deepest appreciation for Ms Nqweni&#8217;s invaluable contribution during her tenure as a member of the Old Mutual Board,&#8221; said Old Mutual Board Chairman Trevor Manuel.<\/p>\n\n\n\n<p>&#8220;We further congratulate her on her appointment and wish her well in her new role as Chairman of the OM Bank Board.&#8221;<\/p>\n\n\n\n<p>Nqweni has a wealth of experience, having worked as the CEO of Absa&#8217;s Wealth and Investments division from 2010 to 2019. <\/p>\n\n\n\n<p>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. <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Juma Arogo<\/li>\n\n\n\n<li>Peter de Beyer<\/li>\n\n\n\n<li>Amal Desai<\/li>\n\n\n\n<li>Albert Essien<\/li>\n\n\n\n<li>Rob Leathers<\/li>\n\n\n\n<li>Melvyn Lubega<\/li>\n\n\n\n<li>Arina McDonald<\/li>\n\n\n\n<li>Clarence Nethengwe<\/li>\n\n\n\n<li>Casper Troskie<\/li>\n\n\n\n<li>Iain Williamson<\/li>\n<\/ul>\n\n\n\n<p>Clarence Nethengwe was confirmed to be the CEO of OM Bank earlier this year, having worked as the group&#8217;s Managing Director:&nbsp;the Mass &amp; Foundation Cluster. <\/p>\n\n\n\n<p>He will be joined by the following executives: <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Chief Financial Officer: Amal Desai<\/li>\n\n\n\n<li>Chief Compliance Officer: Pheona H\u00e4rtel<\/li>\n\n\n\n<li>Chief Technology &amp; Data Officer: Suvania Moodliar<\/li>\n\n\n\n<li>Chief Risk Officer: Lushendren Pather (starting 1 June 2025)<\/li>\n\n\n\n<li>Chief Information Officer: Ray Deftereos<\/li>\n\n\n\n<li>Chief People Experience Officer: Nomaswazi Ngwane<\/li>\n\n\n\n<li>Chief Operating Officer: Pauline Molloyi (acting)<\/li>\n\n\n\n<li>Chief Legal Counsel: Athena Pavlakis<\/li>\n<\/ul>\n\n\n\n<p>&#8220;The formal approval of the OM Bank Board and key executive leadership will give further momentum to the establishment of OM Bank,&#8221; said Nethengwe<\/p>\n\n\n\n<p>&#8220;It will also embed the group&#8217;s long-term competitive advantage and strategic choice of building an Integrated Financial Services business.&#8221;<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>This means that the new entrant will be taking on Capitec, which is South Africa&#8217;s largest bank by customer numbers, at over 23 million. <\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>From a product standpoint, the bank will offer transactional banking in the mass market and will also have a credit offering.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-businesstech wp-block-embed-businesstech\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"4S7tSmoZya\"><a href=\"https:\/\/businesstech.co.za\/news\/business\/812469\/old-mutual-ceo-stepping-down\/\">Old Mutual CEO stepping down<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Old Mutual CEO stepping down&#8221; &#8212; BusinessTech\" src=\"https:\/\/businesstech.co.za\/news\/business\/812469\/old-mutual-ceo-stepping-down\/embed\/#?secret=EwPNKlQCg9#?secret=4S7tSmoZya\" data-secret=\"4S7tSmoZya\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>OM Bank&#8217;s executive leadership and board have been announced, with the new bank only months away from launch. <\/p>\n","protected":false},"author":95,"featured_media":812745,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[1110,853],"class_list":["post-814154","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-old-mutual","tag-south-africa"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/814154","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=814154"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/814154\/revisions"}],"predecessor-version":[{"id":815381,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/814154\/revisions\/815381"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/812745"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=814154"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=814154"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=814154"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}