Deutsche’s SA CEO to join Absa Investment Bank

Deutsche Bank’s South Africa head Saloshni Pillay will join Absa Group to lead its investment bank in the country as the continent’s third-largest lender by assets seeks to boost its competitiveness.

Pillay, who served as chief executive officer and country manager of South Africa and head of investment banking for sub-Saharan Africa at Deutsche Bank, will take up her new role as managing executive for corporate and investment banking South Africa at Absa in mid-July, said Daniel Munslow, the lender’s spokesman.

Pillay brings more than 25 years of experience in corporate and investment banking across global markets, Munslow said in response to a Bloomberg query. “Her appointment supports Absa’s focus on strengthening its corporate and investment banking franchise in South Africa and delivering sustainable growth,” he said.

The hire is the latest in a string of appointments by Absa Group CEO Kenny Fihla as he seeks to stabilise leadership at the lender, which has had six CEOs since 2019. Fihla has said that management stability will help the bank’s more than 36 000 employees focus on clients and boost its return on equity.

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The lender has poached several senior executives, including Zaid Moola, who heads its corporate and investment banking unit, and Musa Motloung, who was appointed group strategic risk officer, both from Standard Bank Group. It also hired M-PESA Africa’s Sitoyo Lopokoiyit, who took over the personal and private banking unit at the start of April.

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Pillay previously held senior leadership roles at Absa including in global markets sales and structuring, risk solutions and client solutions, Munslow said. She has also had leadership positions at Citigroup, Standard Bank and Crédit Agricole’s CIB unit.

Since Fihla joined Absa on 17 June, the bank’s shares have climbed almost a third, outpacing the 26% gain in the FTSE/JSE Banks Index over the same period and lifting its market value to R208 billion.

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Read: Fihla says ‘goodbye Standard Bank, hello Absa’

The bank’s latest deals include the purchase of Standard Chartered Plc’s Uganda unit and HSBC Holdings Plc’s retail and business banking portfolio in Mauritius.

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