Reports say that Absa board has approved Daniel Mminele appointment as CEO

Former SA Reserve Bank deputy governor Daniel Mminele to serve as Absa CEO from 2020.

According to the Financial Mail, Absa’s board, as well as the banking supervision department of the South African Reserve Bank, has approved the appointment of former Reserve Bank deputy governor Daniel Mminele as its new CEO with effect from 2020. 

Mminele will be taking over from René van Wyk, who has been acting CEO since the retirement of Maria Ramos in February 2019. He will be the first black CEO of Absa. 

Read more: Maria Ramos to retire as Absa CEO at the end of February 

Mminele resigned from the Reserve Bank in June, where he served for more than 20 years in roles within the financial markets and international banking departments, as well as deputy governor of financial markets and international economic relations. 

It is believed that he is serving a “cooling off” notice period of six months before he takes up the role as Absa CEO. 

While he was born in Phalaborwa, Mminele went to school in Germany, where he received a degree from the London Guildhall University. He worked in the UK and Germany banking sectors before returning to South Africa in 1995 to work for Commerzbank in Johannesburg. He then joined the Reserve Bank in 1999 and briefly served at African Merchant Bank