Absa CEO Peter Matlare Succumbs To COVID-19!

Absa CEO Peter Matlare Succumbs To COVID-19!

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By Spy Uganda

Absa Group Ltd. Deputy Chief Executive Officer Peter Matlare died Sunday after succumbing to Covid-19 related complications.

The executive, 61, had been with South Africa’s third-largest bank since 2016 and was previously head of foods group Tiger Brands Ltd. and state broadcaster SABC.

“Peter was a seasoned corporate executive, a good leader, inspirational, passionate about his work, and always strongly invested in the success of our continent,” Absa Chief Executive Officer Daniel Mminele said in a statement Monday. “I will miss his friendship, collegiality, guidance and wise counsel.”

At Absa, Matlare was responsible for steering operations in the rest of Africa, where the company had been expanding its corporate and investment banking unit. That was part of a strategic and organizational overhaul that started in 2018 after the group separated from its former parent Barclays Plc and positioned itself as a pan-African player.

Performing Matlare’s role required deep knowledge of African markets and the regulatory landscape, Patrice Rassou, chief investment officer at FirstRand Ltd.’s Ashburton Investments, said by phone.

“He’s going to be a very difficult person to replace at his level of seniority and experience in the group,” he said.

South Africa has been the worst-hit country by the Covid-19 pandemic on the continent, with more than 1.5 million infections and more than 50,000 deaths, according to data from the ministry of health.

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