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Nedbank has announced that Mfundo Nkuhlu, its group COO, has elected to take early retirement at the end of the year and it will discontinue the role in the future.Nkuhlu, 60, joined Nedbank in April 2004 as managing executive of Nedbank Africa and subsequently served in the group’s corporate banking and corporate units before being appointed COO and executive director of Nedbank Group and Nedbank in January 2015.“During more than 22 years with the Nedbank Group, Mfundo has made a significant contribution to the group’s strategy, operations and growth,” Nedbank said in a statement on Monday.As COO he played a key role in strengthening the group’s operational capabilities, driving strategic execution and supporting the group through periods of significant change and transformation, it added.“Beyond Nedbank, Mfundo has made a meaningful contribution to the South African financial services sector and broader economy through his leadership roles, including as chairperson of the Financial Sector Transformation Council and as a member of the board exco of the Banking Association of South Africa,” Nedbank said.Before joining Nedbank, he held senior positions at the South African Revenue Service and the department of trade and industry.After his retirement at the end of December 2026, the role of group COO will be discontinued and the responsibilities associated with the role will be reallocated within the existing group executive committee structure, Nedbank said.The group said recently its 2026 financial year guidance remains on track despite a mixed operating environment and will be updated, if needed, at the group’s interim results.It said its financial performance in the first five months of the year reflects headline earnings that were broadly in line with management expectations at the beginning of the year.Business Day
