Barclays restructures executive portfolios
BARCLAYS Africa Group has announced a new structure that aligns the group’s executive committee portfolios with its new strategy as the bank plans to double its market share of African banking revenues from 6% to 12%.
The structure has four core businesses, each headed by a chief executive. These are Retail and Business Banking (RBB) South Africa, Corporate and Investment Banking (CIB), Wealth, Investment Management and Insurance (Wimi) and Rest of Africa (RoA), which equals 10 markets outside SA.
Barclays chief risk officer Arrie Rautenbach will head RBB.
Bongiwe Gangeni, the head of distribution at Wimi, joins Barclays as the head of private and business banking and the deputy chief executive of RBB.
Nomkhita Nqweni continues in her role as chief executive of Wimi.
Peter Matlare remains in his role as chief executive of RoA and group deputy chief executive.
Barclays said that Temi Ofong and Mike Harvey will continue as co-chief executives of CIB, reporting directly to group chief executive Maria Ramos.
The bank said the new structure is effective immediately.
Deputy group chief executive David Hodnett is taking a two-month sabbatical. The bank said that South Africa Banking will cease to be a management or reporting segment.
The group’s growth strategy aims to restore market leadership in core businesses, create a thriving organisation and build new propositions.
Ramos said the restructuring was aimed at shaping the strategy and the group’s ambition.
“We have set a bold ambition to double our share of Africa banking revenues, digitising our organisation end to end and presenting bold propositions to meet the needs of our customers and clients,” Ramos said. – African News Agency (ANA)