John Gachora appointed CE of Absa Africa In accordance with its continued focus on growing its business in Africa, Absa has appointed John Gachora as Chief Executive of Absa Africa.
Gachora is currently Head of Africa at Absa Capital, the investment banking division of Absa Bank Ltd, where he is responsible for setting the strategy for Absa Capital’s Africa business, and redefining the presence of Absa Capital and Barclays Capital on the continent.
Absa Capital CE Stephen van Coller said: “I would like to congratulate John on these additional responsibilities which add considerably to his current portfolio, and have every confidence that he will be able to build on the successes already achieved.”
The expansion of Gachora’s portfolio is a natural extension of the relationships, impact and influence he has already established with key clients, governmental structures and regulatory bodies on the continent. He will be instrumental in driving growth on the continent in a focused and co-ordinated manner.
“We have had a challenging and exciting period in Africa over the past three years, and look forward to John's leadership, experience, and vision in driving our strategic goals in growing revenue, growing assets, extending access to financial services to the entry level banking customer, and enabling our corporate customers to do business through Absa and Barclays across the length and breadth of the continent,” said Louis von Zeuner, Absa Group Deputy CE.
Gachora will report to van Coller with regard to the investment banking business in Africa and to von Zeuner with regard to the overall Absa Africa portfolio.
Gachora holds a Masters of Business Administration from Wharton Business School as well as a Masters of Engineering in Electrical Engineering and Computer Science from the Massachusetts Institute of Technology (MIT). He joined Absa Capital in January 2009.
Von Zeuner also acknowledged outgoing Managing Executive of Absa Africa, Jaco Grobler’s contribution, highlighting how Grobler had built a solid foundation upon which the incoming Africa CE and the Africa Executive team can build further.
Grobler, a long-serving executive of the Absa Group who first joined in 1979, will continue serving on the Absa Africa Executive Committee until December 2010, after which he will be pursuing other opportunities outside of Absa. End.Issued by:
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The Absa Group Limited (Absa), headquartered in Johannesburg and listed on the Johannesburg Stock Exchange (JSE), is one of South Africa’s largest financial services groups, offering a comprehensive range of banking, assurance and wealth management products and services. Absa’s business is conducted primarily in South Africa. In addition to this, the Group has equity holdings in banks in Mozambique and Tanzania. At 30 June 2010, Absa Group had 718.2 million shares issued and a market capitalisation of R87.3 billion. At 30 June 2010, Absa had assets of R718.2 billion, 1,043 points of presence, 11,5 million customers, 8,885 ATMs and 36,365 permanent employees. Absa is a subsidiary of Barclays Bank plc, which holds a stake of 55,5% in the Group. Barclays is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services with an extensive international presence in Europe, the USA, Africa and Asia.
For more information, please visit the Absa website: www.absa.co.za