Daniel Mminele, former CEO of Absa,  joins Nedbank

Daniel Mminele, former Absa CEO, has been appointed as an independent non-executive director and chairman-designate of Nedbank.

Mminele will succeed Mpho Makwana, who is presently the chairman of the board of Eskom, the beleaguered power provider.

Mminele’s appointment comes only a week after he resigned as the leader of President Cyril Ramaphosa’s climate funding task committee.

Mminele’s appointment as the group’s independent non-executive director will take effect on May 1, 2023. He will be appointed chairperson immediately following the end of the Nedbank Group annual general meeting (AGM) on June 2, 2023.

Mminele will provide his extensive banking and financial services knowledge, according to Nedbank.

He is the outgoing Chair of Alexander Forbes Group Holdings Ltd and Alexander Forbes Investments Ltd, having tendered his resignation with effect from 30 April 2023, a former Chief Executive of Absa Group and Absa Bank Limited, and a former Deputy Governor of the South African Reserve Bank, having served two 5-year terms (SARB).

He spent 12 years working for African Merchant Bank and Commerzbank in South Africa, as well as WestLB in the UK and Germany, before joining the SARB in September 1999.

“Nedbank Group and the board are pleased to announce Daniel’s appointment and the group will benefit from his vast expertise and experience in banking and financial services, including climate finance through serving as the head of the Presidential Climate Finance Task Team,” the group said.

Mminele resigned as Absa’s CEO in 2021 after failing to “align” on the company’s path.