JOHANNESBURG, Mar 31 – South African financial services group, FirstRand Ltd. has announced a major leadership reshuffle and structural overhaul as it seeks to strengthen its position as South Africa’s most profitable retail and commercial bank.
The group appointed Lytania Johnson as chief executive officer of First National Bank (FNB), its largest division, effective April 1. Johnson, who currently leads FNB’s personal banking segment, will succeed Harry Kellan, who is set to retire early at the end of the year.
As part of the restructuring, FirstRand is merging its retail and commercial operations into a newly created retail and business-banking segment, designed to serve entry-level to middle-income customers as well as small and medium-sized enterprises. Johnson will also lead this newly formed unit.
The changes come amid intensifying competition in South Africa’s financial sector. Traditional banks are facing pressure from new entrants and non-bank players, including Old Mutual, which launched a bank last year, and Discovery Ltd., which has also expanded into banking.
Digital challenger TymeBank Ltd. continues to gain traction, while Pepkor Holdings is exploring plans to launch a lending business. Meanwhile, Shoprite Group Ltd. is leveraging its customer data and loyalty programs to expand into financial services.
Other leadership adjustments within FirstRand include Sizwe Nxedlana continuing to oversee private banking and wealth management, while Muneer Ismail will lead the commercial and corporate banking division.
The group also named Gert Kruger as chief operating officer, with Emma Mer stepping into the role of chief risk officer.
The restructuring reflects FirstRand’s strategy to streamline operations, deepen its retail and SME footprint, and respond to a rapidly evolving competitive landscape in Africa’s banking sector.