Board changes for Old Mutual's Nedbank

Old Mutual’s majority-owned South African division Nedbank added a new independent non-executive director to its board on Thursday.

The FTSE 100 firm’s subsidiary - one of the largest banks in South Africa, which it intends to spin off as part of a separation plan - appointed Errol Melville Kruger to the post, with effect from 1 August.

Nedbank’s board said 59-year-old Kruger had extensive regulatory, banking and financial services experience, having been the Registrar of Banks at the South African Reserve Bank from 2003 to 2011. He joined the central bank in 1978.

In 2011, he was appointed managing director of supervision and authorisation at the Qatar Financial Centre Regulatory Authority, before also joining the Financial Stability and Risk Committee at the Qatar Central Bank.

Nedbank said Kruger would relinquish his role in Qatar on 31 July 2016.

"The Nedbank Group Board looks forward to working with Mr Kruger. His vast knowledge of banking, and his experience in implementing international world-class regulatory frameworks will be of benefit to the group,” said chairman Vassi Naidoo.