Barclays Africa has decided to restructure the company as a part of its new growth strategy announced last month.

Under the new restructuring, the group will be split into four businesses namely Retail and Business Banking (RBB) South Africa; Corporate and Investment Banking (CIB); Rest of Africa Banking; and Wealth, Investment Management and Insurance (WIMI).

Each of these businesses will be led by a chief executive, who will directly report to the group chief executive.

The new operating model has been devised with the aim to fulfil three stated priorities which include restoring market leadership in core businesses, creating a flourishing organisation and develop new propositions.

The current deputy chief executive David Hodnett will take a sabbatical of two months, while Arrie Rautenbach becomes the chief executive officer of RBB South Africa.

CIB will remain under Temi Ofong and Mike Harvey and they will report to Group Chief Executive Officer Maria Ramos when David Hodnett is on leave.

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By GlobalData

Rest of Africa Banking will be managed by Peter Matlare, currently deputy chief executive of the company.

Nomkhita Nqweni will continue as chief executive officer of WIMI.

All the structural changes are effective immediately.