ABSA LEADERSHIP TURMOIL! Bank Raids Rivals, Gambles On Another Outsider Boss
A fierce executive war is exploding in Africa’s banking sector after Absa Group snatched another heavyweight banking boss from a rival institution in a dramatic gamble aimed at stopping the bleeding inside the troubled lender.
In the latest high-profile boardroom capture, Deutsche Bank South Africa chief Saloshni Pillay has crossed over to Absa Group to head its powerful investment banking division in South Africa.
The move has intensified whispers of a growing executive exodus and aggressive poaching strategy under Absa Group CEO Kenny Fihla, who is racing to rebuild stability at the banking giant after years of leadership turmoil.
Pillay, who served as Chief Executive Officer and Country Manager for South Africa at Deutsche Bank as well as Head of Investment Banking for sub-Saharan Africa, is expected to officially assume her new role in mid-July as Managing Executive for Corporate and Investment Banking South Africa at Absa.
The announcement was confirmed by Absa spokesperson Daniel Munslow, who praised Pillay as a seasoned banking heavyweight with over 25 years of experience in corporate and investment banking across global markets.
“Her appointment supports Absa’s focus on strengthening its corporate and investment banking franchise in South Africa and delivering sustainable growth,” Munslow said.
But behind the polished corporate statements lies an intense battle for survival and dominance inside one of Africa’s biggest lenders.
Absa has suffered years of instability at the top, cycling through six CEOs since 2019 in a leadership merry-go-round that rattled investor confidence and unsettled staff across the continent.
Now Kenny Fihla appears determined to shake up the system by aggressively recruiting executives from rival banks and outside institutions in a bid to steady the ship.
Since taking over on June 17, Fihla has embarked on a dramatic executive recruitment spree that has left competitors watching nervously as Absa raids top talent from across the financial industry.
Among the biggest captures so far are Zaid Moola, who now heads Absa’s Corporate and Investment Banking unit, and Musa Motloung, who was appointed Group Strategic Risk Officer. Both were poached from banking rival Standard Bank Group Ltd.
Absa also pulled off another major coup when it recruited M-PESA Africa boss Sitoyo Lopokoiyit, who officially took charge of the bank’s Personal and Private Banking division at the beginning of April.
Now Pillay becomes the latest powerful executive to join the growing list of outside hires flooding into Absa’s leadership corridors.
Ironically, Pillay is no stranger to Absa.
According to Munslow, she previously held several senior leadership roles within the bank, including positions in Global Markets Sales and Structuring, Risk Solutions and Client Solutions before leaving for other global banking giants.
Her career has also seen her occupy influential leadership positions at Citigroup Inc., Standard Bank and Crédit Agricole’s Corporate and Investment Banking unit.
The aggressive recruitment campaign appears to be paying off financially.
Since Fihla took over leadership at Absa, the bank’s shares have surged by almost one-third, outperforming the 26% rise recorded by the FTSE/JSE Banks Index over the same period.
The impressive rally has pushed Absa’s market value to a staggering R208 billion, signaling growing investor confidence despite concerns over constant executive reshuffles.
At the same time, the banking giant has continued expanding aggressively across Africa through major acquisitions.
Among its latest blockbuster deals is the purchase of Standard Chartered Plc’s Uganda unit as well as HSBC Holdings Plc’s retail and business banking portfolio in Mauritius.
But even as investors celebrate the rebound, insiders say pressure remains intense within the banking giant as employees watch wave after wave of outsiders enter key leadership positions.
With Absa betting heavily on imported executive firepower to revive its fortunes, industry watchers are now asking whether the strategy will finally stabilize the troubled lender — or trigger even deeper tensions inside the bank’s already shaken corridors of power.
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