Barclays parent Absa names career banker as new chief executive

Barclays Kenya’s parent company Absa Group has appointed career banker Aaron Daniel Mminele as its new chief executive from January 15, replacing René van Wyk. PHOTO | REUTERS 

By JAMES KARIUKI
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Summary

• Barclays Kenya’s parent company Absa Group has appointed career banker Aaron Daniel Mminele as its new chief executive from January 15, replacing René van Wyk.
• Absa, which separated from its former controlling shareholder Barclays Plc, said Mr Mminele will oversee the multinational’s new strategy of pursuing growth in its African markets.
• Absa said the new leader is expected to continue implementing strategy set in March 2018 and which seeks to regain its market share in core businesses.

Barclays Kenya’s parent company Absa Group has appointed career banker Aaron Daniel Mminele as its new chief executive from January 15, replacing René van Wyk.

Absa, which separated from its former controlling shareholder Barclays Plc, said Mr Mminele will oversee the multinational’s new strategy of pursuing growth in its African markets.

“In terms of his starting point, Mr Mminele will want to assess where we are in implementing our strategy and assess how he can play a role in strengthening the team’s ability to continue on that journey,” said Wendy Lucas-Bull, the chairperson of Absa’s board.

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

Absa said the new leader is expected to continue implementing strategy set in March 2018 and which seeks to regain its market share in core businesses.

Mr Mminele has worked for 20 years at the South African Reserve Bank (SARB) rising to become the deputy governor serving in the monetary policy and financial stability committees.

“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 fully establish itself as an African financial services group with deep roots across the continent and a global reach,” Mr Mminele said in a statement.

Mr van Wyk will remain as executive director until January 31 to facilitate handover before “cooling off” for six months before returning to Absa in a new role as non-executive director.