Absa names new leaders for retail and business banking amid strategic overhaul
Absa Group has appointed new leaders to steer its Retail and Business Banking (RBB) division in South Africa, following a December 2024 announcement to restructure its retail client-facing businesses.
The move is part of Absa’s strategy to streamline operations, enhance customer experience, and regain market share in the competitive South African banking sector.
Christine Wu takes the helm as Chief Executive of Everyday Banking. A chartered accountant with over 20 years of experience, Wu joined Absa in 2019 and has driven digital transformation and analytics initiatives.
Faisal Mkhize continues as Chief Executive of Relationship Banking, leveraging his 25 years of banking expertise, including prior roles in Absa’s Vehicle and Asset Finance and Retail Banking units.
Geoff Lee, a seasoned banker and chartered accountant, has been named Chief Executive of Product Solutions, bringing his extensive experience in Home Loans and Payments.
The leadership changes align with Absa’s restructuring plan, which consolidates its retail and private wealth operations from five units to four.
Announced by interim CEO Charles Russon, the overhaul aims to boost efficiency and growth. The restructuring sparked an 8.7% surge in Absa’s shares on the Johannesburg Stock Exchange, the largest since June 2020.
However, the plan may lead to up to 827 job cuts, partially offset by 340 new roles, according to industry sources.
Absa’s strategic shift underscores its commitment to adapting to market demands and strengthening its position in South Africa’s banking landscape.