ABSIP concerned by Hadebe’s departure from ABSA

Sibongiseni-Mbatha-1140x566The Association of Black Securities and Investment Professionals (ABSIP) have noted with great concern the resignation of former Head of Client at ABSA’s Corporate and Investment Banking division, Mr Phakamani Hadebe.

Following his resignation, ABSA announced changes in the leadership of the Corporate and Investment Banking division. The said changes are understood to have shocked and angered black senior management at the bank, who interpreted them as overlooking black deserving talent, namely Mr Hadebe.

Before joining ABSA’s Corporate and Investment Banking division in 2014, Hadebe was Chief Executive Officer at Land and Agricultural Bank of South Africa (Land Bank) from July 2008 to 2013. He joined the Land Bank initially as a secondment from the National Treasury, where he headed the Asset and Liability division.

A former recipient of ABSIP’s CEO of the Decade award, Hadebe has been a driving force for change and transformation in the South African financial services sector and has contributed significantly to the country’s economy. His contribution in the financial services sector is an impressive one with years at the Land Bank placing him on par with his peers as he stepped into that role and made it his own.

During his time at National Treasury, Hadebe, along with Maria Ramos, then DG in the National Treasury, and Trevor Manuel, then Minister of Finance, et al, worked towards changing the capital markets and making South Africa’s bond market one of the best in the world.

“Hadebe’s work is easily described as that of a role model, a leader and a dynamic and inspirational force for good in the industry. His resignation comes at a pivotal time where all stakeholders are trying to find means of transforming the country’s financial service sector. And as ABSIP we are of the view that the recent developments at ABSA are contradictory to the sector’s transformation agenda” says ABSIP President, Sibongiseni Mbatha.

“ABSA is our corporate member in good standing and we would like to call on them to deeply reflect on this matter and ask themselves why such a formidable player in the industry would tender his resignation without evident prospects of another employment. We hope that those employees who staged a walk-out in peaceful protest will not face any disciplinary action by the employer”, concludes Mbatha.

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