John Bowker, Bloomberg and Fin24
Absa Group Chief Executive Maria Ramos will retire at the end of February 2019 when she turns 60, the bank announced on Tuesday morning.
“Maria has been group chief executive for 10 years and has led the group through significant milestones, including the aftermath of the global financial crisis and acquiring the Barclays Africa subsidiary banks in 2013.
She had indicated a desire to step down earlier, but agreed to see the group through the separation negotiations with Barclays, the ensuing sell-down and key separation milestones,” the bank said.
Absa shares rallied the most among its Johannesburg-based peers on Tuesday in the wake of Ramos’s pending exit. Absa, once the nation’s largest mortgage lender, fell behind after Britain’s Barclays acquired control in 2005.
Now that the UK bank has sold down its stake, Absa is plotting how to play catch up in a country
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