Mminele’s appointment as an independent non-executive director of the companies will be effective from 1 May 2023.
Mminele will be elected as chairperson of the companies immediately following the conclusion of the Nedbank group annual general meeting (AGM) scheduled to be held on 2 June 2023.
In line with previous announcements current Nedbank chairperson, Mpho Makwana will retire at the close of the AGM on 2 June 2023. Makwana was appointed as the non-executive chairperson of Nedbank in December 2021 having already served over nine years on the Nedbank board, an appointment occasioned by the need for continuity following the untimely death of our previous chairperson, Vassi Naidoo.
It was announced at the time that Makwana would retire in the normal course at our AGM in 2023.
Mminele has significant banking and financial services experience. He is the outgoing chair of Alexander Forbes group holdings and Alexander Forbes Investments (having tendered his resignation with effect from 30 April 2023), a former chief executive of Absa group and Absa Bank Limited, and served two five-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).
Mminele also served for the most part of 2022 as head: presidential climate finance task team where he led and co-ordinated 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.
Mminele said: “I am honoured by this appointment and look forward to joining the Nedbank group as independent non-executive director and chair-designate. 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.”
Mminele’s appointment follows a robust succession process for the chairperson that commenced early in 2022 led by Hubert Brody, Nedbank group’s lead independent director.
“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 serving as the head of the presidential climate finance task team.
Nedbank group will have the benefit of a smooth handover in the chairperson’s office. My board colleagues join me in wishing Mminele a successful tenure with the Nedbank group and express our sincere gratitude to Makwana for his service over the years,” Brody said.