Old Mutual's chief executive named on Nedbank's non-exec board

Bruce Hemphill has been appointed as non-executive director of Nedbank Group, the South African lender said on Monday.

Hemphill, who will step into his new role on 25 November, was appointed as group chief executive of Old Mutual, Nedbank’s majority stakeholder, earlier this month after spending almost two years as CEO of wealth, insurance and non-bank financial services at Standard Bank Group.

"The Nedbank Group Board will benefit greatly from Bruce's experience as a chief executive of a public company and from his extensive experience and understanding of the South African and wider African financial services industry,” said group chairman Vassi Naidoo.

Old Mutual shares were down 0.34% to 206.30p at 1034 GMT on Monday.