JOHANNESBURG, Sept 13 (Askume) – South African insurer Old Mutual (OMUJ.J) said on Friday it has appointed company veteran Clarence Nthengwe as chief executive-designate of its new banking business.
The insurer said Nethengwe, who had worked at Old Mutual for more than 15 years, had played a key role in developing the initial business case and appointing the new bank’s first key managers.
He currently serves as managing director of Mutual’s Mass and Foundations business. He will start his new job on November 1.
“Clarence is a long-serving executive at Old Mutual and is well qualified to lead the bank as it prepares to open,” the insurer said.
“He has been a passionate advocate of the group’s integrated financial services strategy and identified early on that banking would play a key role in Old Mutual’s growth opportunities.”
Old Mutual received regulatory approval to set up the bank in April this year. South Africa’s second-largest life insurer said having a banking presence would allow it to offer various financial services to customers and generate new revenue sources.
Old Mutual also announced the resignation of the bank’s initial chief executive, Rolf Eichweber, and the project’s chief operating officer, Royden Volans. They will remain there until the end of October to assist with the transition process.
The company said it plans to hire more employees as the bank embarks on the next phase of its growth.
