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Officer and Executive Director of African Bank Limited ("African Bank")
African Bank Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1946/021193/06)
(ISIN: ZA000030060)
(Share code: ABL)
("ABIL" or "the Company")
Tami Sokutu appointed as Chief Operating Officer and Executive Director of
African Bank Limited ("African Bank")
Tami Sokutu, the outgoing Director General of the National Department of Public
Works, has been appointed as Chief Operating Officer (COO) and an Executive
Director of African Bank Limited, ABIL announced today. The appointment is a
milestone in a sector which has sorely lacked transformation at the highest
executive level.
Sokutu will take up his appointment with effect from 1 September 2002, and will
report to Leon Kirkinis, CEO of ABIL and MD of African Bank. Kirkinis has
occupied both the CEO and MD role for the past three years, given the need to
merge a number of businesses into African Bank and establish a stable operating
platform. Sokutu will assume the MD role after a transitional period to allow
him time to gain a firm understanding of African Bank`s business.
At that stage, as CEO, Kirkinis will focus specifically on the future direction
and strategy for the group. As COO of African Bank, Sokutu will be responsible
for the day to day management of the credit banking operations and will be
assisted by an experienced executive management as he settles into his new role.
Sokutu, who possesses MSc qualifications from the University of Cape Town and a
certificate in Senior Executive Management from Harvard and Wits Universities,
has occupied the position of Director General in the National Department of
Public Works since 1999 where his competence and efficiency have been publicly
recognised. He possesses invaluable experience in the area of service delivery,
and has played a key role in the transformation of Public Works into a
department which is increasingly used as a case study in successful
infrastructure delivery in government.
"We are absolutely delighted that Tami has agreed to come on board", said Leon
Kirkinis. "He brings with him a wealth of management experience at a national
level which will be utilised to great effect at African Bank. I am confident
that Tami will help us continue to challenge the traditional methodology of
banking in our country and build the African Bank business into the future."
Sokutu said that he regarded his appointment as an opportunity to continue
working at the forefront of transformation in South Africa." The vast majority
of South Africans remain excluded from the formal banking sector, and are denied
access to the capital which will allow them to gain an economic foothold in our
society," he said. "In my new role, I look forward to entrenching and affirming
African Bank`s position as the leading provider of unsecured credit to this
market."
Ashley Mabogoane, ABIL Chairman, welcomed Sokutu`s appointment as "the strongest
statement yet of African Bank`s commitment to transformation and empowerment
within the financial services industry. "Given the requirements of our business,
the dynamism of our management team, the profile of our client base, and the
challenges and opportunities going forward, it was only appropriate that we
recruit a person of Tami Sokutu`s calibre and track record."
Midrand
15 August 2002
Sponsor:
Deutsche Securities (SA) (Proprietary) Limited
Reg. no: 1995/011798/07
Date: 15/08/2002 05:15:00 PM Produced by the JSE SENS Department
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