Absa to Revamp Bank Structure as It Looks to Win Back Trust
- Plan is to shrink the number of units to four from five
- Lender reintroducing South Africa retail bank for efficiency
The shakeup comes two years after Absa undertook a major restructuring that carved what had been its retail and business-banking division into four units.
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Absa Group Ltd. plans to restructure its business once again as South Africa’s third-biggest bank by assets looks to unlock growth after years of missteps.
Interim Chief Executive Officer Charles Russon said the changes will reduce the bank’s number of units to four from the current five. It will also reintroduce Absa’s South African retail-lending unit and combine it with the private wealth operations.