Absa Group Limited announced today that Stephen van Coller has been appointed Chief Executive of Absa Capital.
Van Coller, previously Deputy Chief Executive and Head of Investment Banking at Absa Capital, takes over from John Vitalo on 1 October 2009. Vitalo has been responsible for Wealth in South Africa since 2008 and Chief Executive of Absa Capital since 2005, having joined from Barclays Capital.
Van Coller joined Absa Capital in September 2006 as Head of Primary Markets. He was later appointed Head of Investment Banking and more recently Deputy Chief Executive of Absa Capital and an Absa Group Executive Committee member in May 2009.
Van Coller will report jointly to Maria Ramos, Group Chief Executive of Absa Group, and to Benoit de Vitry, Head of Global Markets – Trading, Europe and Head of Commodities and Emerging Markets, Barclays Capital.
Vitalo was appointed Chief Executive of Barclays Investment Banking and Investment Management (IBIM) for the Middle East and North Africa in May this year in addition to his previous role as Chief Executive of Absa Capital.
He has agreed to continue his involvement with Absa as a special advisor to the Absa Group Chief Executive. He will also be part of the Barclays Capital senior management team managing its African operations.
“John has made an invaluable contribution making Absa Capital the top-tier Sub-Saharan investment bank, leveraging the strengths of Barclays Capital and Absa Group. As a consequence of those achievements, Absa Capital’s success is a benchmark for our Local Markets businesses,” said Benoit de Vitry.
“I am delighted to have someone with Stephen’s expertise and market knowledge to build on all that Absa Capital has achieved under John’s leadership. As one of the leading investment banks in sub-Saharan Africa, Absa Capital is an ongoing high priority for Absa Group and Barclays,” said Maria Ramos.Issued by:
Absa Group Marketing and Corporate AffairsAbout Absa
The Absa Group Limited (Absa), listed on the JSE Limited, is one of South Africa’s largest financial services groups offering a complete range of banking, bancassurance 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 2009, the Group had 718,2 million shares in issue and a market capitalisation of R79 billion.
At 30 June 2009, Absa had assets of R754,3 billion, 11,3 million customers, 9 211 automated teller machines and 36 920 permanent employees.
Absa is a subsidiary of Barclays Bank plc, which holds a stake of 55,6% 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