Barclays Africa announced today that the Group’s new growth strategy, announced on 1 March 2018 requires a change in operating models to deliver the three stated priorities:
(i) restoring market leadership in core businesses,
(ii) creating a thriving organisation; and
(iii) building new propositions.
“The new Group structure will consist of four businesses: Retail and Business Banking (RBB) South Africa; Corporate and Investment Banking (CIB); Rest of Africa Banking; and Wealth, Investment Management and Insurance (WIMI). The chief executive of each of these businesses will report directly to the Group Chief Executive. South Africa Banking will cease to be a management or reporting segment,” the Group said in a statement.
David Hodnett, currently Deputy Chief Executive, will take a two-month sabbatical.
Arrie Rautenbach becomes Chief Executive Officer: RBB South Africa. He is currently the Group’s Chief Risk Officer and has extensive retail banking experience.
CIB remains under the joint leadership of Temi Ofong and Mike Harvey. They will report toMaria Ramos, Group Chief Executive Officer, while David is on sabbatical.
Peter Matlare, currently Deputy Chief Executive, remains responsible for Rest of Africa Banking.
Nomkhita Nqweni continues as Chief Executive Officer, WIMI.