Financial services firm Nedbank has appointed Daniel Mminele as an independent nonexecutive director and chairperson-designate for the Nedbank Group and Nedbank Limited companies.

His appointment as an independent nonexecutive director of the companies will be effective from May 1, while he will be elected as chairperson immediately following the conclusion of the Nedbank Group annual general meeting (AGM) scheduled to be held on June 2.

Nedbank chairperson Mpho Makwana will retire at the close of the AGM on June 2. Makwana was appointed as the nonexecutive chairperson of Nedbank in December 2021, having already served more than nine years on the Nedbank board. His appointment was occasioned by the need for continuity following the untimely death of the company's previous chairperson Vassi Naidoo. It was announced at the time that Makwana would retire in the normal course at the 2023 AGM, the bank says.

Mminele has significant banking and financial services experience, and is the outgoing Alexander Forbes Group and Alexander Forbes Investments chairperson, having tendered his resignation with effect from April 30. He was also formerly Absa Group CE and served two five-year terms as deputy governor of the South African Reserve Bank (SARB) where his responsibilities during his second term included financial markets, international economic relations and policy, as well as the human and operations cluster.

Further, Mminele has also served on the Governors’ Executive Committee, the Monetary Policy Committee, Financial Stability Committee, Risk Management Committee and the Prudential Committee, Nedbank notes.

Before joining the SARB in September 1999, he worked for African Merchant Bank and Commerzbank in South Africa, and WestLB in the UK and Germany for 12 years.

Mminele holds Associate Certificates of the Chartered Institute of Bankers, London in association with City Polytechnic of London/Guildhall University; and a German Banking Diploma, Bankkaufmann, from Sparkasse Paderborn and the Chamber of Industry and Commerce in Bielefeld.

Additionally, he also served as Presidential Climate Finance Task Team head for most of 2022, during which he led and coordinated the work to give effect to the Just Energy Transition Partnership, as well as the development of the Just Energy Transition Investment Plan, which was published in November 2022.

“Nedbank Group and the board are pleased to announce Daniel’s appointment and the group will benefit from his vast expertise and experience in banking and financial services, including climate finance through serving as the head of the Presidential Climate Finance Task Team,” says Nedbank Group lead independent director Hubert Brody.

Mminele’s appointment follows a robust succession process for the chairperson that was started early in 2022 and led by Brody.

“Nedbank Group will have the benefit of a smooth handover in the chairperson’s office. My board colleagues join me in wishing Daniel a successful tenure with the Nedbank Group and expressing our sincere gratitude to Mpho for his years of service,” he says.

“I am honoured by this appointment and look forward to joining the Nedbank Group. I am looking forward to working with board colleagues, the management team, employees and our broader stakeholder community as we deliver on strategic commitments and ambitions in line with Nedbank’s record as a purpose-driven organisation,” Mminele comments.