Bloomberg/Waldo Swiegers

Moves

Absa restructures investment bank to sharpen African focus

  • share this article

Absa embarked on a process to flatten its structures, improve its product offerings and client retention rates about a year ago as it broke away from its former parent Barclays.

Sunday 10, March 2019

(Bloomberg) --Absa Group has restructured the executive management of its corporate and investment banking unit as part of an ongoing group-wide revamp to draw more revenue from operations in Africa.

Charles Russon, Absa CIB CEO, said that the team of eight, which includes former joint-chief executive officers of the division, Mike Harvey and Temi Ofong, now have a mandate to drive business across the entire African continent.

The move has dramatically reduced the number of staff reporting directly to Russon to provide simplicity, said the executive, who started leading the business in November.

“Coming into it I saw quite a complex structure that leads to quite a bit of difficulty in weaving your way through it,” added Russon.

“The new structure gives top managers more accountability for the activities of their business divisions because, “the speed and velocity at which we service our clients really needs to step up if we want to win in this space,” added Russon.

A similar exercise was undertaken at the lender’s retail and business bank after it received a new chief in March 2018. The lender plans to grow revenue faster than competitors such as Standard Bank Group and Nedbank Group and is turning to Africa as economic activity in its home market slows.

TAGS : Absa, Corporate Banking , Investment Banking

print this article