Lucas-Bull leaves bank with blessing
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Financial Services Editor
TOP businesswoman Wendy Lucas-Bull is leaving FirstRand to start a new venture with FirstRand`s backing, the financial services group announced yesterday. She is to be replaced by Michael Jordaan, CEO of First National Bank`s (FNB) customer solutions division.
Widely accredited with turning FNB Retail into one of the top performers in the FirstRand group since its 2000 merger, analysts said Lucas-Bull`s departure was a loss for the group. But they said Jordaan was a `more than capable` successor.
`They have done a very good job over time of introducing Michael into the business and to investors,` said Sam Houlie, chief investment officer and banks analyst at Abvest. `Operationally it is not a loss. They will continue as they always have.`
Houlie said Lucas-Bull could not have chosen a better time to leave the group. `They inherited something that needed quite a bit of work to be done when they took over the bank and their results have peaked in the past year,` Houlie said.
In the year to June, FNB`s retail banking business grew profit to R1,26bn, 20,7% higher than the R904m reported a year earlier.
Houlie said although FNB Retail`s strong performance had been assisted by good operating conditions for retail banks, including low interest rates and low bad debts, much was also due to the repositioning and restructuring of the bank by Lucas-Bull and her team, including Jordaan.
Lucas-Bull`s business skills have been widely recognised in the industry.
She is a previous winner of the Business Woman of the Year Award and was nominated Top Woman in Business last month.
Before joining Rand Merchant Bank in 1995, she was a consultant at Andersen Consulting.
FirstRand confirmed it would be providing R10,5m in funding over three years for Lucas-Bull`s new venture, which would see her acting as a facilitator between business, government and civil society groupings to help the country meet its socioeconomic targets.
`The timing is absolutely right for this,` Lucas-Bull said.
`South Africa is poised for growth and government is placing increasing pressure on delivery in key areas.
`Given my track record, and work with government, parastatals and development agencies, I believe I am well placed to help facilitate required partnerships,` she said.
Oct 05 2004 07:14:33:000AM Stephen Gunnion Business Day 1st Edition
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