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Absa of South Africa Revamps Banking Management to Diversify

  • Lender names Modise as chief strategy, sustainability officer
  • Bank has faced criticism over lack of diversity in executive
Updated on

Absa Group Ltd., South Africa’s third-biggest bank, made sweeping changes to its executive committee to diversify management, part of the finance industry’s push to be more representative of the communities in which it operates.

Punki Modise, 52, will become chief strategy and sustainability officer as of July 1, as Absa looks to increase its focus on environmental, social and governance opportunities. The lender is also breaking up its retail and business-banking division, which has been its biggest driver of revenue.