Meet Absa's new boss: Ex Reserve Bank top executive Daniel Mminele

Daniel Mminele is the new as group chief executive of Absa Group Limited (AGL).

His appointment, announced on Monday, is effective from January 15.

Mminele will be taking over from René van Wyk, who has been leading the bank on an interim basis since Maria Ramos’ retirement in February 2019.

Wendy Lucas-Bull, chairman of the Absa Group board, said of Mminele" “He brings with him a deep understanding of the financial services industry both in South Africa and abroad. His unique skills set and global perspective make him a suitable leader to drive our bank’s focus on long-term growth that is digitally-led across our markets."

“. . .As a leader, he will make his own assessment of what is required but he has a complete open mandate as the Group CE to lead this organisation,” said Lucas-Bull.

Mminele spent more than 20 years at the South African Reserve Bank (SARB), where he rose through the ranks to be a Deputy Governor and a member of key committees such as the Monetary Policy Committee and Financial Stability Committee. His other main responsibilities at the SARB included financial markets and international economic relations and policy.

He has represented South Africa in a number of international forums such as the G20, BRICS and the International Monetary Fund. He was also a regular participant in National Treasury’s international investor roadshows to promote South Africa.

“I am delighted to be joining the Absa group. I look forward to being part of and leading the exciting journey that Absa has embarked upon to regain its rightful place in the South African market as well as to fully establish itself as an independent African financial services group with deep roots in South Africa,” he said in a statement issued by the bank.

Before joining the SARB, Mminele worked as a banker. After completing a Diploma in Banking at Sparkasse Paderborn in Germany in 1987, he spent eight years in various roles at the Westdeutsche Landesbank Girozentrale, at its Düsseldorf and London offices. He continued his studies while in the UK and obtained various certificates from the UK’s Chartered Institute of Bankers.

He came back to South Africa in 1995, then spent about two years each at Commerzbank, working as a customer relations manager in corporate banking, and at African Merchant Bank, as a project and structured finance specialist, in Johannesburg.

“We are really looking forward to Daniel joining the Absa Group and to his leadership in driving our strategy and guiding this organisation into the future,” said Lucas-Bull.

Van Wyk will remain with the Absa Group as an executive director for handover purposes until end-January. He will then rejoin Absa Group and Absa Bank’s boards as a non-executive director, following a six-month cooling-off period.