Arrie Rautenbach, currently Absa’s head of retail and business banking, becomes CEO with immediate effect.

Rautenbach has been with Absa since 1997 and has held several senior roles, including chief risk officer, as well as head of card and branch network divisions.

“His extensive experience in the banking sector, his in-depth knowledge of Absa through several executive roles over the years, and his experience and strengths in strategy development and execution for the group, positions him ideally to lead the group at this time,” the bank said in a statement.

Rautenbach holds an MBA from North-West University and completed an Advanced Management Programme at INSEAD.

Jason Quinn, currently the group’s interim CEO, will return to his role as financial director, while Punki Modise, currently interim financial director, will take the position of interim head of retail and business banking. Fin24.com