The Sunday Times has learnt that high-level talks are under way to move Shaik from intelligence services - where he clashed with State Security Minister Siyabonga Cwele - to the state-owned development finance institution as the head of its international operations.
It is understood that President Jacob Zuma is facilitating Shaik's move through Finance Minister Pravin Gordhan, who is the shareholder representative.
As head of the international division tasked with identifying investment opportunities in the Southern African region and expanding its investments into developing countries such as China, India and Brazil, Shaik will be one of the most powerful executives at the institution.
The bank is planning to invest R45-billion in massive infrastructure projects, R15-billion of which will go to projects in other Southern African countries.
But there are murmurs of discontent within the bank over Shaik's imminent appointment. CEO Paul Baloyi is said to be among those unhappy with the move.
A spokesman for the bank refused to discuss the matter. "We are not aware of such a move, it has not been confirmed internally," said spokesman Jacky Mashapu, declining to comment further.
But bank insiders and intelligence sources said it was almost a done deal.
Shaik - who heads the foreign branch of the State Security Agency - is under pressure to leave following his much-publicised spat with Cwele.
Their relationship soured when Shaik refused to obey certain instructions from Cwele.
Shaik's attempts to get Zuma to intervene on his behalf failed, so the former spy had no option but to find other employment.
State Security Agency head Jeff Maqetuka and head of the agency's domestic branch Gibson Njenje - who also had a fallout with Cwele - have already left the agency.
Negotiations have been going on behind the scenes for months to pave Shaik's way out of the agency, and are said to be at a sensitive stage.
A senior manager at the bank, who spoke on condition of anonymity, said some of his colleagues had raised concerns when they heard Shaik would be joining them.
"What I pick up is fear, people fearing the reputation of his family and its history. They fear what it will do to our reputation," said the insider.
Shaik's brother Schabir - who was Zuma's financial adviser - was convicted for fraud and corruption relating to bribes he solicited from a French arms company, allegedly in return for Zuma's protection of the arms manufacturer against investigation of the multibillion-rand deal.
However, the insider said he favoured Shaik for the position, given his experience as a former ambassador to Algeria; his extensive international contacts and networks; and his access to those in power.
"You need someone who can call the minister of international relations and talk to her directly," the senior manager said.
"Most of our executives do not have that kind of direct access."
The insider said the bank now had a mandate to move beyond Southern Africa and tap into the enormous market offered by South Africa's participation in Brics - the forum of the world's top developing countries.
The bank has been given a role within the Brics Secretariat which will help it identify investment opportunities in India, China, Brazil and Russia, and help similar institutions in those countries gain access to investment opportunities in South Africa.
Shaik, a former adviser to Nkosazana Dlamini-Zuma when she was foreign affairs minister, has held various influential positions, including that of South Africa's consul-general to Hamburg.
He helped wind up Schabir's company, Nkobi Holdings, and pay its debts to the state after his brother was sent to jail.
Presidency spokesman Mac Maharaj had not responded to queries sent to him regarding Zuma's involvement in efforts to secure Shaik a job at the bank at the time of going to press.
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