SOUTH AFRICA – The Zimbabwe Stock Exchange listed African financial giant, Old Mutual, has announced the appointment of Nomkhita Nqweni as the chairperson of the OM Bank Limited (OM Bank) Board, effective February 24, 2025.
The appointment follows approval from the South African Reserve Bank’s Prudential Authority for the OM Bank Board and key executive leadership.
Nqweni, who will resign from her position as an independent non-executive director of Old Mutual to assume this new role, brings extensive experience in the financial services industry.
Her background includes roles at Alexander Forbes, as well as serving as Chief Executive Officer of Absa’s Wealth and Investments division from 2010 to 2019, and membership on the Barclays Wealth EMEA EXCO.
At 50, she is noted as one of the youngest black female directors to chair a bank in South Africa.
Trevor Manuel, Chairman of the Old Mutual Board, expressed appreciation for Nqweni’s contributions and congratulated her on her new appointment.
“We would like to express our deepest appreciation for Ms Nqweni’s invaluable contribution during her tenure as member of the Old Mutual Board. We further congratulate her on her appointment and wish her well in her new role as Chairman of the OM Bank Board,” Manuel stated.
The OM Bank Board will consist of the following members: Jurna Arogo, Peter de Beyer, Anal Desai, Albert Essien, Rob Leathers. Melvyn Lubega, Arina McDonald, Clarence Nethengwe, Casper Troskie, Iain Williamson and Clarence Nethengwe.
CEO of OM Bank and executive director, will lead the executive team, which includes: Chief Financial Officer Amal Desai, Chief Compliance Officer Pheona Härtel, Chief Technology & Data Officer Suvania Moodliar, Chief Risk Officer Lushendren Pather (starting June 1, 2025), Chief Information Officer Ray Deftereos, Chief People Experience Officer Normaswazi Ngwane, Chief Operating Officer Pauline Molloyi (acting) and Chief Legal Counsel Athena Pavlakis.
The latest announcement follows Old Mutual’s receipt of regulatory approval from the Prudential Authority in April of the previous year to establish a fully-fledged bank in South Africa.
The approval, granted under Section 16 of the Banks Act, was a significant milestone in Old Mutual’s strategy to become an integrated financial services provider.
Following the initial approval, Old Mutual has now secured Section 17 approval, enabling the company to proceed with industry testing. This phase involves rigorous testing with selected partners before full integration into the National Payments System.
When the approval was made, Iain Williamson, Group Chief Executive Officer at Old Mutual, who will take an early retirement on August 31 after five years at the helm of the insurer, cited the importance of the testing phase, stating that successful, error-free testing is crucial for the bank to become fully operational.
Old Mutual, with a history spanning over 178 years in sub-Saharan Africa, aims to provide a comprehensive suite of financial solutions through OM Bank. The company’s vision is to become its customers’ first choice for financial prosperity.
Manuel said: “The formal approval of the OM Bank Board and key executive leadership will give further momentum to the establishment of OM Bank and embed the Group’s long-term competitive advantage and strategic choice of building an Integrated Financial Services business.”
