| Mon 17 Mar 2003, 10:36 | | African Bank Investments Limited - Press Release |
|
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")
PRESS RELEASE
(17 March 2003)
African Bank Investments Limited (Abil) has announced that, following a
strategic review of its business, important changes will be made to the
executive management structure of African Bank, Theta Investments and Stangen.
These changes are designed to better align the Theta and African Bank business
models, as well as provide more focus to the collections business unit. These
changes, which will be effective from 01 April 2003, will streamline the group"s
operations and, thereby, provide for greater efficiencies.
The activities of the four existing operating entities, Theta Investments,
African Bank, Stangen and Saambou Personal Loan Book Collections are to be
restructured into four distinct business units - African Bank Retail Lending,
Specialised Lending, Collections, and Finance and Central Functions. It is
intended, subject to the necessary regulatory approvals, that these units will
become operating divisions of African Bank Limited. In line with this strategy,
it is also the group"s intention to align the boards of Abil and African Bank
Limited over time, again subject to the necessary regulatory and board
approvals. The group is presently in discussion with the relevant authorities
to expedite these processes.
Under the new structure, the following divisional heads will report to Leon
Kirkinis, Group CEO:
- Tami Sokutu, presently Chief Operating Officer of African Bank, will become
Managing Director of the African Bank Retail Lending business unit which
will comprise the following:
* IT and Operations
* HR and Corporate Affairs
* Marketing
* Sales
* Client Support
* Credit
* Stangen
* Retail Lending Risk Management
- Johan de Ridder, Executive Director, will become Managing Director of the
Specialised Lending unit, and in addition will be responsible for disposing
of the non-core lending operations of Theta Investments which are not
aligned with the group"s strategic direction. In the light of these
changes, the previous executive directors of Theta have stated their
intention to pursue other interests outside of the group.
After disposal of the non-core assets, this business unit will comprise the
following Theta subsidiaries:
* Credit Indemnity
* Miners Credit Guarantee
* ACFC
* A1 Taxi
* GEMS
- Angus Herselman, presently Executive: Saambou Personal Loan Book
Collections, will become Managing Executive responsible for the Collections
business unit comprising:
* African Bank Collections
* Saambou Personal Loan Book Collections
- Dave Woollam, the Group Financial Director, will assume responsibility for
a new Finance and Central Functions business unit which will provide
centralised services to the operating divisions. This unit includes:
* Finance
* Treasury
* Group Risk Management and Compliance
* Investor Relations
Each unit will possess a high degree of flexibility and will be accountable for
bottom-line delivery and management of resources. However, Information
Technology and Human Resources strategies, policy and monitoring will continue
to occur centrally to ensure legal and technical compliance.
END
