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Youth-led entity frontrunner to buy Sarb s stake in African Bank
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SA youth in the forefront of buying African Bank
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Daniel Mminele, Absa Group’s first black CEO, resigned last week. According to Bloomberg, Mminele left the company following a ‘dispute’ over strategy. This has left the Absa’s future hanging in the air, as the third event to plague the bank in recent months, with deputy CEO Peter Matlare passing away earlier this year from Covid-19 complications. More recently, the bank was in the spotlight for pulling off a controversial move; closing their Money Market, sparking surprise from many in the banking and investment community. Bloomberg reports that the company is now facing a dilemma – appoint an internal successor or target an outsider? Interestingly, Mminele was Absa’s third CEO in just two years. – Jarryd Neves
Absa s CEO exit creates more than just one headache for lender
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