Dec. 30 (Bloomberg) -- Absa Group Ltd., the South African lender controlled by Barclays Plc, hired Michael Keenan from Standard Bank Group Ltd. as a strategist to expand Absa’s coverage of African currencies.
Keenan will join the research team at Johannesburg-based Absa Capital, the corporate and investment banking unit, in January, he confirmed by e-mail in response to questions by Bloomberg. Keenan worked as a currency strategist for Standard Bank, Africa’s biggest rand trader, for five years.
“I will continue analyzing the rand market, but now have the added scope to expand my strategy-based currency research offering into the rest of the continent,” Keenan said. “I am very excited to join the highly respected and dynamic Absa Capital research team.”
South African lenders are focusing on Africa to boost profit as economic growth in the continent outpaces developed economies. In October, Absa named a joint committee with its British parent to oversee growth in Africa and increased the responsibilities of Stephen van Coller, who heads Absa Capital, to include all African operations.
--Editors: James Kraus, Ash Kumar
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