SOUTH AFRICA – The Zimbabwe Stock Exchange listed African monetary big, Old Mutual, has introduced the appointment of Nomkhita Nqweni because the chairperson of the OM Bank Limited (OM Bank) Board, efficient February 24, 2025.
The appointment follows approval from the South African Reserve Bank’s Prudential Authority for the OM Bank Board and key govt management.
Nqweni, who will resign from her place as an impartial non-executive director of Old Mutual to imagine this new function, brings intensive expertise within the monetary companies trade.
Her background consists of roles at Alexander Forbes, in addition to serving as Chief Executive Officer of Absa’s Wealth and Investments division from 2010 to 2019, and membership on the Barclays Wealth EMEA EXCO.
At 50, she is famous as one of many youngest black feminine administrators to chair a financial institution in South Africa.
Trevor Manuel, Chairman of the Old Mutual Board, expressed appreciation for Nqweni’s contributions and congratulated her on her new appointment.
“We would like to express our deepest appreciation for Ms Nqweni’s invaluable contribution during her tenure as member of the Old Mutual Board. We further congratulate her on her appointment and wish her well in her new role as Chairman of the OM Bank Board,” Manuel acknowledged.
The OM Bank Board will include the next members: Jurna Arogo, Peter de Beyer, Anal Desai, Albert Essien, Rob Leathers. Melvyn Lubega, Arina McDonald, Clarence Nethengwe, Casper Troskie, Iain Williamson and Clarence Nethengwe.
CEO of OM Bank and govt director, will lead the manager group, which incorporates: Chief Financial Officer Amal Desai, Chief Compliance Officer Pheona Härtel, Chief Technology & Data Officer Suvania Moodliar, Chief Risk Officer Lushendren Pather (beginning June 1, 2025), Chief Information Officer Ray Deftereos, Chief People Experience Officer Normaswazi Ngwane, Chief Operating Officer Pauline Molloyi (performing) and Chief Legal Counsel Athena Pavlakis.
The newest announcement follows Old Mutual’s receipt of regulatory approval from the Prudential Authority in April of the earlier 12 months to determine a fully-fledged financial institution in South Africa.
The approval, granted beneath Section 16 of the Banks Act, was a major milestone in Old Mutual’s technique to turn out to be an built-in monetary companies supplier.
Following the preliminary approval, Old Mutual has now secured Section 17 approval, enabling the corporate to proceed with trade testing. This part includes rigorous testing with chosen companions earlier than full integration into the National Payments System.
When the approval was made, Iain Williamson, Group Chief Executive Officer at Old Mutual, who will take an early retirement on August 31 after 5 years on the helm of the insurer, cited the significance of the testing part, stating that profitable, error-free testing is essential for the financial institution to turn out to be totally operational.
Old Mutual, with a historical past spanning over 178 years in sub-Saharan Africa, goals to offer a complete suite of monetary options by means of OM Bank. The firm’s imaginative and prescient is to turn out to be its prospects’ first selection for monetary prosperity.
Manuel stated: “The formal approval of the OM Bank Board and key executive leadership will give further momentum to the establishment of OM Bank and embed the Group’s long-term competitive advantage and strategic choice of building an Integrated Financial Services business.”
