Absa Group chief operations officer Peter Mageza has been appointed as an executive director on the boards of Absa Group and Absa Bank, with effect from September 10.
Mageza who has been with the Absa Group since 2000, was appointed as COO three years ago. He takes over from Pieter van der Merwe who retired last year.
Absa group chairperson Gill Marcus said says was looking forward to working with Mageza.
“Peter will bring his unique insights and skills to the board and will make an invaluable contribution.”
Mageza joined Absa as managing executive of Bankfin, which was later re-branded to Absa Vehicle and Assets Finance (Avaf).
In 2003 he was appointed to the group executive committee and became the CE of the Avaf division.
It was during his tenure as head of Avaf that he successfully managed the integration of Bankfin into the Absa Group and saved the group almost R20-million a year, with profitability growing by 528% over five years. – I-Net Bridge