Banking group Nedbank names Daniel Mminele as chairman designate to replace Mpho Makwana.
“The boards of the Companies are pleased to announce the appointment of Daniel Mminele as an independent non-executive director and chairperson-designate of the companies,” Nedbank informed investors on Wednesday.
“The required regulatory approval for the appointment has been received.”
Mminele’s appointment as an independent non-executive director of the companies will be
effective from 1 May 2023 and the boards of the companies have resolved to elect him as
Chairperson of the Companies immediately following the conclusion of the Nedbank Group
AGM scheduled to be held on 2 June 2023.
Mminele has significant banking and financial services experience.
He is the outgoing Chair of Alexander Forbes Group and Alexander Forbes Investments (having
tendered his resignation with effect from 30 April 2023).
A former Chief Executive of ABSA Group and ABSA Bank, and served two 5-year terms as Deputy Governor of the South African Reserve Bank (SARB) where his responsibilities during his second term included Financial Markets, International Economic Relations and Policy, as well as the Human and Operations Cluster.
His committee memberships included the Governors’ Executive Committee, the Monetary Policy Committee, Financial Stability Committee, Risk Management Committee and the Prudential Committee.
Before joining the SARB in September 1999, he worked for African Merchant Bank and Commerzbank in South Africa, and WestLB in the UK and Germany for 12 years.
Mminele holds Associate Certificates of the Chartered Institute of Bankers (London) in association with City Polytechnic of London/Guildhall University; and a German Banking Diploma (Bankkaufmann) from Sparkasse Paderborn and the Chamber of Industry and Commerce in Bielefeld (Germany).
He also served for the most part of 2022 as Head: Presidential Climate Finance Task Team where he led and coordinated the work to give effect to the Just Energy Transition Partnership, as well as the development of the Just Energy Transition Investment Plan, which was launched in November 2022.
His appointment follows a robust succession process for the Chairperson that commenced early in 2022 and was led by Hubert Brody, Nedbank Group’s Lead Independent Director, who commented:
“Nedbank Group and the board are pleased to announce Mminele’s appointment and the Group will benefit from his vast expertise and experience in banking and financial services, including climate finance, through his serving as the head of the Presidential Climate Finance Task Team. My board colleagues join me in wishing Daniel a successful tenure with the Group and we express our sincere gratitude to Mpho for his service over the years.’
“I am honoured by this appointment and look forward to joining the Nedbank Group as Independent non-executive director and Chair-Designate,” Mminele noted.
“I am looking forward to working with board colleagues, the management team, employees and our broader
stakeholder community as we deliver on strategic commitments and ambitions in line with
Nedbank’s track record as a purpose-driven organisation.”