Banking group Absa has appointed Gill Marcus, former deputy finance minister and former deputy reserve bank governor, as its chairman.

Banking group Absa has appointed Gill Marcus, former deputy finance minister and former deputy reserve bank governor, as its chairman.

She will succeed Danie Cronje, who will step down on July 1, but will remain as a director of Absa Group as well as Absa Bank until the end of July to facilitate a smooth handover.

Marcus is currently executive chairman of junior miner Western Areas and a professor in Policy, Leadership and Gender Studies at the Gordon Institute of Business Science.

Her appointment follows an announcement by Absa in April last year that Cronje would retire as chairman and as a director of the group and bank.

"Marcus' appointment is good news for minorities and I believe that she will provide a new dimension of leadership to Absa, given her deep global understanding and experience of banking issues," said Cronje. - I-Net Bridge