| Thu 8 Jun 2006, 8:15 | | Absa Group Limited - Announcement Of Board Change |
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ASA
AMAGB
Absa Group Limited - Announcement Of Board Change
ABSA GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1986/003934/06)
ISIN: ZAE000067237
JSE share code: ASA
Issuer code: AMAGB
("Absa")
ANNOUNCEMENT OF BOARD CHANGE
Barclays has announced today that David Roberts, Chief Executive of
International Retail and Commercial Banking at Barclays, will leave Barclays
later this year. Until then David will remain on the Boards of Barclays and Absa
managing the proposed sale of Barclays Africa to Absa until he leaves Barclays.
Details of the full announcement of Barclays are set out below.
8th June 2006
Barclays Announces Board Changes
Barclays PLC ("Barclays") and Barclays Bank PLC ("Barclays") announce the
following changes to its Board.
Frederik (Frits) Seegers is appointed to the new position of Chief Executive of
Global Retail and Commercial Banking and to the Boards of both Barclays PLC and
Barclays Bank PLC with effect from 10th July 2006. He also joins the Barclays
Group Executive Committee. In this role he will assume responsibility for all
the Barclays retail and commercial banking operations globally. This includes
UK Banking (Retail and Business), International Retail and Commercial Banking,
and Barclaycard. He will report to John Varley, Group Chief Executive. There
will be no change to the financial reporting structure of the Group.
Frits joins from Citigroup where he held senior positions over 17 years spanning
four continents. He was a member of the Citigroup Operating Committee. Most
recently he was CEO Global Consumer Group, with a remit covering all retail
operations in Europe, Middle East and Africa. Prior to this he was Executive
Vice President for International Retail and International Cards, with
responsibility for all retail banking and credit cards outside the USA.
Between 2001 and 2004, Frits was CEO of Consumer Banking for Asia Pacific
covering 11 consumer markets. Under his leadership, this region was the fastest
growing part of Citigroup. Prior to this he developed internet banking for
Citibank and held various posts including Division Executive for Japan,
President of Citibank California, Marketing Director for Citibank Direct and
Marketing Director Citibank Belgium. He joined Citigroup in Germany in 1989 as
an Associate. Frits was born and educated in the Netherlands and holds Masters
Degrees in engineering from Delft University of Technology and in finance from
the University of Chicago.
Gary Hoffman, currently Chairman of UK Banking and Chairman of Barclaycard, is
appointed to the position of Group Vice Chairman with effect from 10th July
2006, reporting to John Varley and accountable on the Board for a range of
responsibilities including Corporate Responsibility, Public Policy, Equality and
Diversity, leading the Group"s response to the FSA"s Treating Customers Fairly
initiative, chairing the Group"s Governance and Control Committee and franchise
health with customers, employees and communities.
David Roberts, Chief Executive of International Retail and Commercial Banking
(IRCB), will leave Barclays later this year. Until then David will remain on
the Boards of Barclays and Absa managing the announced sale of FCIB to CIBC and
the proposed sale of Barclays Africa to Absa until he leaves Barclays. His
responsibilities for IRCB will pass to Frits Seegers on 10th July 2006. The
Board thanks Mr Roberts for his significant contribution to the Group"s business
over many years and wishes him well for the future.
John Varley, Group Chief Executive of Barclays PLC, says:
"The scale of both our retail and commercial banking interests, and card
businesses within the UK and internationally, requires a single point of
strategic control and direction as we accelerate our drive for growth and profit
diversification. This structure will help us bring the best of Barclays to all
points of contact with our customers. I am delighted to appoint Frits Seegers
to this role. He is one of the industry"s most successful, talented, and proven
leaders in the global field of retail and commercial banking. I want also to
thank David Roberts for his great contribution to Barclays."
Frits Seegers says:
"I am greatly looking forward to joining Barclays. The opportunities for the
portfolio of businesses are significant and compelling and I am very excited at
the prospect of leading the retail and commercial operations to its next level
of growth."
ENDS
Enquiries
Steve Booysen
Title: Group Chief Executive
Tel: (+2711) 350-6856
e-Mail: stevebo@absa.co.za
Issued by:
Sue Steyn
Investor Relations
Absa Group Limited
4th floor, Absa Towers East, 170 Main Street, Johannesburg.
Tel: (+2711) 350-4394. Fax: (+2711) 350-6487
e-Mail: sues@absa.co.za
Lead sponsor
Merrill Lynch South Africa (Proprietary) Limited
Co-sponsor
Absa Capital - Corporate Finance, a division of Absa Bank Limited
Johannesburg
8 June 2006
Date: 08/06/2006 08:15:07 AM Produced by the JSE SENS Department
