Absa, the leading pan-African financial services group, has appointed Cheryl Buss as CEO of Absa International which includes managing Absa Securities United Kingdom
Among other responsibilities, this position will see her lead the bank’s international operations in its efforts to enable a globally scalable business that drives connectivity with corporate and institutional clients through an independent international presence. This in turn allows the bank to deliver Africa to their clients, it stated.
The appointment comes hot on the heels of the group’s announcement that it’s received certain regulatory approval to open a representative office in New York. Absa established a UK representative office in September 2018, and expects the US New York office to be operational within the next six months, subject to further regulatory approvals.
Cheryl joined Absa in 2008 and managed the Global Clients Africa (GCA) business under the One Africa strategy which launched in 2011. One Africa included building the start-up strategy for the business, ensuring successful alignment with the group and designing a new operating model to support targets which were effectively achieved. Since the Barclays Plc announcement in 2016 where it sold its majority shareholding in Barclays Africa, Cheryl has managed the separation of the GCA business which included the strategic build out of the Absa International Coverage business. She has 24 years of multi-disciplinary banking experience across Africa and the United Kingdom. Prior to her joining Absa, Cheryl worked at Standard Chartered where she held various roles.
Cheryl Buss, Absa International CEO said, “This is a pivotal moment in terms of Africa’s relationship with the wider globe. International organisations are pursuing the exciting economic potential the African continent has to offer, and Absa’s international strategic intent enables our client-led strategy to be a leading and relevant African bank to institutions investing on the continent.”
Charles Russon, Absa CIB CEO said, “Cheryl is the perfect choice with the right qualities and experience to oversee these ambitions and drive the strategy forward. The expansion of the position she is taking up will give the unit a singular focus and lead, and underlines how serious Absa is about this side of the business.”
Cheryl will be based in London, reporting into Charles Russon, the corporate and investment bank’s CEO.
The news follows Absa successfully moving its banking platform used by six of its subsidiaries in Botswana, Ghana, Mauritius, Barclays Tanzania, Seychelles and Zambia from Barclays Plc's data centre in the UK to Absa's data centre in South Africa.
The migration, which took place during 12 to 14 April 2019, entailed moving customer transaction-processing capability and data from IT systems owned and housed by Barclays to systems owned by Absa in South Africa.
