Absa Group announced the appointment of Arrie Rautenbach as Chief Executive Officer, effective immediately. Arrie, who is currently chief executive of the Group's retail and business banking (RBB) unit, is the first internally appointed CEO since 2006. He has more than 25 years banking experience, which includes serving as the Group's chief risk officer, simultaneously providing executive leadership for the Group Separation Programme and Group Strategy Office.

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. Interim CEO, Jason Quinn will resume his position as Group financial director with immediate effect.