Nedbank Appoints A New Consumer Banking Managing Executive


Nedbank has announced the appointment of its new group executive committee and head for the retail and business banking division different from the ones appointed a while ago.

In its report on Wednesday, the bank said its consumer banking managing executive Ciko Thomas would be taking over the retail and business banking unit from Phillip Wessels, who has taken an early retirement for personal reasons.

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This new change came after Nedbank reorganized its executive committee last year after chief operating officer Graham Dempster, who had reached retirement age, was replaced with Mfundo Nkuhlu, its managing executive for the Nedbank corporate banking unit from January 2015.

The bank further stated that starting from from March 31, Mr Thomas’s appointment would ensure continuity in the retail and business bank’s strategy.

“Ciko … has been part of the (retail and business banking) leadership team and the group executive committee for six years,” Nedbank said in the announcement. “He has wide-ranging banking and leadership experience across the group.”

Other changes the bank made during the year included Brian Kennedy’s appointment as head of the merged Nedbank corporate and investment banking unit; Mike Davis as executive of balance sheet management; Iolanda Ruggiero as managing executive of Nedbank Wealth; and putting Priya Naidoo in charge of strategic planning and economics.

Mr Thomas was said to have gone through the advanced management programme at Harvard University, and has BSc and MBA degrees. He joined the bank in January 2010 as its group executive for marketing, communications and corporate affairs from where he quickly rose to the post he currently holds. 

The retail and business banking unit which Thomas now head was reported to be the bank’s second fastest growing unit last year, contributing R4.4bn in headline earnings, 10.6% up on the previous year.

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Meanwhile, Nedbank had also reported its headline earnings of R10.8bn for the year to December, a 9.6% increase on the previous year. Till December 31 also, diluted headline earnings per share (HEPS) rose 8.5% to 2,242c while noninterest revenue grew 7.1% to R21.7bn.

According to Bdlive the bank reported that its impairments increased 6.3% to R4.8bn and the credit loss ratio improved slightly, to 0.77% from 0.79% in the year-earlier period. They had a gross final dividend of 570c per ordinary share.

The bank said risks remained elevated, so growth for 2016 was forecast to be lower than the growth achieved in 2015.