BUSINESS DIGEST

ABSA APPOINTS CHIEF RISK OFFICER

Absa, SA’s third-largest bank by assets, has begun to flesh out its executive team by appointing a chief risk officer. The company, which last week announced the sudden departure of CEO Daniel Mminele after less than two years at the helm, is yet to fill one-third of its executive positions with permanent appointments, but all vacant roles currently have interim leaders in place. Insurance group Sanlam has increased its stake in Morocco’s Saham to about 85percent. This happened despite the Casablanca-based group’s Lebanon business being written down to zero following the massive explosion in

Beirut last August. Sanlam initially bought its 61.7percent stake in Saham for R5.7 billion in 2018, as part of its African expansion strategy. Its latest move now sees its subsidiary, SAN JV, acquiring a further 22.8percent in Saham for about R2 billion.

AFRICAN MINES NOTE BENEFITS OF INVESTING IN RENEWABLES

The mounting pressure by governments and investors on industries globally to reduce emissions, coupled with favourable economics and the need for reliable and cost efficient power, are increasingly nudging mining companies towards considering renewable energy.