Absa has performed a raid on Normal Financial institution for its new chief govt. The banking group mentioned on Monday that Normal Financial institution South Africa CEO Kenny Fihla will likely be its subsequent group CEO with impact from mid-June.
Fihla, who has an MSc in monetary economics from the College of London and an MBA from Wits College, joined Normal Financial institution in 2006 and has held numerous senior-level roles within the organisation, together with as CEO of CIB, deputy CEO of Normal Financial institution Group (a job that noticed him taking care of its operations exterior South Africa) and CEO of Normal Financial institution South Africa.
Interim Absa CEO Charles Russon will keep on till 16 June, when Fihla will take the reins.
“Charles will associate intently with Kenny to make sure a clean management transition, whereafter he’ll take a key senior function throughout the group govt committee,” Absa mentioned. Fihla will go on “gardening depart” from Normal Financial institution with quick impact.
“Whereas this can be a heavy blow for us, the group is blessed with a surfeit of expertise and deep succession swimming pools. Additional bulletins in respect of the management of our geographies will likely be made in the end,” mentioned Normal Financial institution Group CEO Sim Tshabalala.
‘Completed banker’
“Kenny has made an immense contribution to our group in his numerous roles over the course of his profession with us and is recognised as an completed banker and chief in South Africa, on the continent and globally,” Tshabalala mentioned.
“Beneath his guardianship as chief govt from 2017 to 2024, CIB doubled its headline earnings to R20.5-billion and achieved a compound annual progress fee of 8.6%.
Learn: Normal Financial institution spent R22.4-billion on IT in 2024
“We’re lucky to have been ready to attract on his distinctive mixture of expertise and knowledge in enterprise, authorities and the labour motion. We want Kenny continued success on his onward journey.” — © 2025 NewsCentral Media
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