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JOHANNESBURG - Old Mutual (LON:OMU) Limited, a prominent financial services group, has announced the appointment of Ms. Nomkhita Nqweni as the Chairman of OM Bank Limited’s Board, effective from the close of business on Monday. This strategic move comes following the South African Reserve Bank’s Prudential (LON:PRU) Authority’s approval of the bank’s board and key executive leadership.
Ms. Nqweni, who has stepped down from her role as an independent non-executive director at Old Mutual, brings a wealth of experience to the position. Her background includes significant roles such as CEO of Absa’s Wealth and Investments division and membership on the Barclays (LON:BARC) Wealth EMEA EXCO. At 50, her appointment marks her as one of the youngest black female directors to chair a bank in South Africa.
Old Mutual’s Chairman, Trevor Manuel, expressed gratitude for Ms. Nqweni’s contributions to the company and conveyed best wishes for her new responsibility. The OM Bank board comprises seasoned professionals, including Juma Arogo, Peter de Beyer, and Casper Troskie, among others. Clarence Nethengwe, CEO of OM Bank, will lead the executive team with members such as CFO Amal Desai and Chief Compliance Officer Pheona Härtel.
Manuel highlighted that the formal approval of the OM Bank Board and its executive leadership is anticipated to accelerate the establishment of OM Bank. The move is seen as reinforcing Old Mutual’s strategic approach to building an Integrated Financial Services business, enhancing its long-term competitive edge in the market.
Old Mutual, with a history spanning over 179 years, is deeply entrenched in the African continent, offering a wide array of financial solutions to its customers. The company’s primary operations span across 12 countries in Africa, with an additional niche business in China.
This executive change and appointment reflect Old Mutual’s commitment to leadership excellence and strategic growth within the African financial services sector. The information is based on a press release statement from Old Mutual Limited.
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