Absa Restructures Investment Bank to Sharpen African Focus
- Lender to prioritize a clear plan for growth in Nigeria
- SocGen partnership gives Absa access to francophone markets
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Absa Group Ltd. has overhauled the executive management of its corporate and investment banking unit as part of an ongoing group-wide revamp to draw more revenue from operations in Africa.
The team of eight, which includes former joint-chief executive officers of the division, Mike Harvey and Temi Ofong, now have a mandate to drive business across the entire African continent, Absa CIB CEO Charles Russon said in an interview in Johannesburg. The move has dramatically reduced the number of staff reporting directly to Russon to provide simplicity, said the executive, who started leading the business in November.