- Former deputy governor of the SARB Daniel Mminele has joined ABSA as its new CEO
- This follows months of speculation over whether or not Mminele would jump over to the private sector
- The new boss will begin his duties at the helm of the bank in mid-January
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Daniel Mminele has ended months of speculation and switched from the public to the private sector.
Daily Maverick reports that the newly appointed ABSA CEO stood down from his position as deputy governor of the South African Reserve Bank.
Set to assume his new position mid-way through this month, Mminele will be taking over from René van Wyk a former colleague of his from SARB.
The new CEO resigned from his post at SARB in July, ending his second five-term term as deputy governor.
Mminele boasts an impressive resume, presiding over financial markets, international economic relations and human capital at the Reserve Bank.
He had joined its ranks in 1999 after leaving the African Merchant Bank, serving multiple companies overseas before that.
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Mminele obtained his banking diploma in Germany during the 80s, earning a banking degree from the London Guildhall University.
During a compulsory 6-month cooling-off period following his resignation from the Reserve Bank, Mminele served as the BRICS Central Bank Deputy and chair of the IMFC Deputies of the International Monetary Fund.
However, he hasn't managed to escape the pressures of the industry by joining ABSA, with the sector expected to face competition from more modern players.
While Mminele's appointment at ABSA was indeed a welcome one, the company's shares didn't flinch following the official announcement.
With numerous leaks ahead of time, share prices dipped along with the rest of its sector due to geopolitical tensions, Briefly.co.za gathered.
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