Absa Bank names South African banking veteran Kenny Fihla as new CEO

Key Points

• Absa Group appoints Kenny Fihla as Group CEO, effective June 17, 2025, succeeding interim CEO Charles Russon.
• Fihla, a seasoned banker, previously served as Deputy CEO of Standard Bank Group and CEO of The Standard Bank of South Africa Limited.
• Absa’s 2024 net profit rose 10% to R24.9 billion ($1.37 billion), with return on equity improving to 14.8% from 14.4%.

Johannesburg-based financial services giant Absa Group has received regulatory approval to appoint South African banker Kenny Fihla  as its Group CEO, effective June 17, 2025. He will take over from Charles Russon, who has been serving as interim CEO following the early retirement of the previous chief executive.

Absa Chairman Sello Moloko welcomed the appointment, describing Fihla as a highly respected leader with deep experience in Pan-African banking. “Kenny is a recognized leader with strong industry relationships and a proven ability to deliver results in complex environments. The Board is confident that his leadership will strengthen Absa’s position and help us create meaningful value for our clients and stakeholders,” Moloko said.

Until Fihla officially steps in, Russon will continue to lead the company. Moloko praised him for his steady leadership over the past six months, noting his strategic focus in a challenging environment. “Charles has done an excellent job steering the Group, and he will work closely with Kenny to ensure a smooth transition before moving into a senior role within the Group Executive Committee,” he added.

Fihla’s banking career and leadership experience

Fihla brings decades of banking experience to Absa. He joined Standard Bank Group in 2006 as Head of Investor Services for Corporate and Investment Banking (CIB) and went on to hold several leadership roles, including Head of Transactional Products and Services for South Africa and Deputy CEO of CIB. In 2017, he was appointed CEO of CIB, overseeing the division’s global operations.

His most recent role was Deputy CEO of Standard Bank Group and CEO of The Standard Bank of South Africa Limited, where he managed operations in South Africa as well as the bank’s Africa Regions and Offshore businesses. He holds an MSc in Financial Economics from the University of London and an MBA from the University of the Witwatersrand.

Speaking about his new role, Fihla said: “I am honored to join and lead a team that is committed to making a difference across the continent. I look forward to working with Absa’s talented teams to build on the Group’s strong foundation. Together, we will drive strategies that serve our clients, support our communities, and position the Group for long-term success.” 

A new chapter for Absa Group

Absa Group, one of Africa’s largest financial services firms, has undergone significant transformations over the years. Originally known as the Amalgamated Banks of South Africa, it rebranded to Barclays Africa Group in 2013 before adopting its current identity in 2018. Headquartered in Johannesburg and listed on the Johannesburg Stock Exchange, the bank has a strong footprint across the continent.

When Fihla takes over in June, he will lead a vast banking network across Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania, Uganda, and Zambia. Absa also maintains representative offices in Namibia and Nigeria, securities entities in the UK and US, a non-banking advisory unit in China, and a technology support office in the Czech Republic.

His appointment comes at a time of strong financial performance for Absa. For the year ended Dec. 31, 2024, the bank’s net profit rose 10 percent to R24.9 billion ($1.37 billion), up from R22.56 billion ($1.24 billion) in 2023.

Return on equity improved to 14.8 percent from 14.4 percent, while return on average assets increased to 1.11 percent from 1.07 percent. Gross income grew 5 percent to R109.9 billion ($6.1 billion), supported by a 4 percent rise in net interest income to R71.1 billion ($3.92 billion) and a 6 percent increase in non-interest income to R38.84 billion ($2.14 billion).