Daniel Mminele: Absa banking on ‘unique skills’ of new group CEO

Mminele will be taking over from Rene van Wyk who had been appointed on an interim basis since Maria Ramos retired at age 60.

Mminele will first report for duty on 15 January, becoming the major bank’s first black CEO. He left the Reserve Bank in June 2019 after serving at the institution for almost 20 years. On his appointment, Mminele said:

“I am delighted to be joining the Absa group. I look forward to being part of and leading the exciting journey that Absa has embarked upon to regain its rightful place in the South African market, as well as to fully establish itself as an independent African financial services group with deep roots in South Africa.”

‘Deep understanding of financial services industry’

The bank’s board has welcomed his appointment and says its looking forward to what he brings to the table.

“He brings with him a deep understanding of the financial services industry both in South Africa and abroad. His unique skills set and global perspective make him a suitable leader to drive our bank’s focus on long-term growth that is digitally-led across our markets,” said Absa Group board chairperson Wendy Lucas-Bull.

“As a leader, he will make his own assessment of what is required, but he has a complete open mandate as the group CEO to lead this organisation” 

So here’s what we know about him:

Mminele was born in Phalaborwa, Limpopo in 1965 and holds dual South African and British citizenship, having spent his earlier years in the United Kingdom and Germany.

Between 1989 and 1995, he worked as a banker for Westdeutsche Landesbank Girozentraleat their Düsseldorf and London offices before finally returning home.

Mminele then joined Commerzbank in Johannesburg as a customer relations manager for corporate banking. Thereafter, he briefly joined African Merchant Bank as a deputy divisional head for special projects.

In 1999, he joined the Reserve Bank where he rose through the ranks – from being an executive assistant  to former senior deputy governor James Cross to eventually being appointed as deputy governor responsible for financial markets and international economic relations.

During his tenure, Mminele represented South Africa on international platforms, including Brics and the International Monetary Fund (IMF). He was also a member of key committees in the bank, including the Monetary Policy Committee, Reserves Management Committee and the Governor’s Executive Committee.