Recent developments in the South African business sector

19 -20 August 2026  

Absa Group - early retirement of CEO

According to a press release on 19 August 2026, the chief executive officer of the group, Arrie Rautenbach, will take early retirement, effective from April 15, 2026. The announcement came after discussions between the group’s board of directors and the CEO. However, Rautenbach will leave his positions as CEO and executive director as early as 15 October this year, only 932 days (thirty-three-and-a-half months) after his appointments as CEO and executive director on 29 March 2022. The six months between October 15, 2026, and April 15, 2026, is considered a ‘contractual notice period which will be served as garden leave,’ as per the ABSA announcement. Rautenbach leaves Absa after 27 years, during which he respectively served as the group’s chief risk officer, head of retail banking in South Africa, managing executive of Absa Card and head of the distribution portfolio, to name a few. In its press release, Absa also announced the appointment of Charles Russon as ‘interim Chief Executive Officer of Absa Group and Absa Bank,’ effective 15 October 2026, subject to regulatory approval. The Absa board mentioned that Russon’s appointment ‘will enable a smooth transition, while the board conducts a diligent search for a new permanent Group CE.’ Russon - the sixth CEO of Absa (on an acting or permanent basis) since the departure of Maria Ramos in 2019 - has served as chief executive of Absa’s Corporate and Investment Bank since 2018. Absa is South Africa’s fourth-largest bank by market value.  

🏆10 Best Forex Brokers in South Africa

MTN - Disappointing financial results from Nigeria

Africa’s biggest mobile operator, the MTN Group, announced a loss of R7.9 billion for the six months ended 30 June 2026. Compared to the previous financial period’s profit of R14.4 billion. The disappointing news was reported by the company on the SENS-platform of the JSE on August 19, 2026. This was MTN’s first loss since 2016, mainly because of its loss In Nigeria, caused by the significant devaluation of the Nigerian currency (the naira) against the US dollar. This was also the company’s first loss since it was required to pay a fine of more than one billion US dollar imposed by the government of Nigeria. The naira has devalued more than 70% against the US dollar (commonly referred to as ‘the greenback’) since the inauguration of senator Bola Tinubu as president of Nigeria on May 29, 2023. The new president started to implement foreign-exchange and other economic reforms, which negatively affected the value of the naira against the US dollar. Being one of MTN’s key markets, there are approximately 77 million MTN-customers in Nigeria, generating about a third of the company’s earnings. Sideline: the 77 000 MTN-customers in Nigeria are approximately 14 million more than the total population of South Africa, which is about 63 million.  

Appointment of La-Cell Mouton as CIO of First National Bank (FNB)

According to a statement by FNB on Monday, August 19, 2026, La-Cell Mouton will assume the position as chief intelligence officer (CIO) of the company on 1 September 2026. Harry Kellan (CEO of FNB) motivated the appointment of Mouton, stating, ‘his deep expertise in systems architecture, software development and IT operations makes him the natural candidate for the role.’ Mouton who joined FNB in 2000, has acquired vast experience during the past twenty-three years, evident from the following résumé:

• 2000: Joined FNB as a developer, playing an important role in the development of FNB’s BANKit online banking system.
• 2005 - 2007: Played a key role in creating FNB’s current online banking system when BANKit was merged with the original online banking system.
• 2009: Appointed as CIO of FNB online banking, where he cooperated with various businesses, when ‘he led the modernisation journey of the core banking platform across the retail and commercial businesses within FNB,’ as reported by
• 2022: Appointed as the retail segment’s CIO.
• 2023: Appointed as the company’s joint CIO alongside Kevin Mitchell, who has moved to a position within FirstRand Group.

 

Business deal between Airlink and Qatar Airways will be beneficial for both companies

After months of guesswork, speculating which airline in Southern Africa will be selected by Qatar Airways for an equity deal, the cards are on the table. Figuratively speaking, on the table in the Hyatt Regency Oryx hotel in Doha, Qatar, where an equity deal between Airlink from South Africa and Qatar Airways was officially confirmed on August 20, 2026. In short, Qatar Airways will acquire a 25% stake in Airlink, the largest independent passenger airline by fleet and flight in Southern Africa. No monetary figure was disclosed, and the transaction is subjected to regulatory approval. (South African law limits foreign ownership of SA airlines to 25%). Using slogans from the two companies, the acquisition can be expressed as follows: ‘Let’s fly together’ (Qatar Airways) and enjoy the “Freedom of the African Sky’ (Airlink). CEOs of both companies are well pleased with the deal, saying:

• The deal is part of Qatar Airways’ plan to expand its presence in Africa and that ‘Airlink will help Qatar Airways reach regions it doesn’t currently operate in.’ (Badr Mohammed Al-Meer (Qatar Airways))
• The deal is a ‘vote of confidence’ in Airlink’s business model and the quality of its operations, adding: ‘Today marks a major milestone with Qatar Airways committing to acquiring a 25% stake in Airlink.’ (Rodger Foster (Airlink))

 

Quote from the past

Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver. (Ayn Rand (1905 1982), Russian-born American author and philosopher)  

Recommended brokers