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- Investec sales chief Itumeleng Merafe will take over as CEO of Investec Private Bank from next year, taking over from Cumesh Moodliar.
- Moodliar will assume his new role as Investec Bank CEO effective 1 April, paving the way for Merafe to take over.
- Merafe completed the finance executive development programme at Cass Business School.
- For more financial news, go to the News24 Business front page.
Itumeleng Merafe, the sales chief of Investec's business banking unit, has been named as the incoming head of the niche lender's local private banking unit.
Merafe will take over from Cumesh Moodliar in 2024, who in turn is taking over from Investec Bank CEO Richard Wainwright, who is retiring. Moodliar will assume his new role effective 1 April 2024, paving the way for Merafe to take over his old position as head of the local private banking unit. Wainwright will remain in an executive role with Investec until his planned retirement in 2025.
"Itumeleng has a remarkable Investec story, having joined us in 2006 in the global client support centre," said Fani Titi, Investec group CEO, in a statement on Tuesday. "He has held various leadership roles in different areas of the business over the years and has been a member of the specialist bank executive committee for the past three years."
Merafe started his career as a retail treasury consultant at Investec, servicing individuals and small corporates in the global client support centre. Thereafter, he led a team of cash investment consultants whose primary responsibility was to retain and grow the bank's retail deposit client base.
He later joined Investec's treasury structuring team in 2011 as a consultant and was appointed head of the team in 2015. In September 2020, Merafe was appointed head of sales for Investec for Business, focusing on building and developing the lending business in the mid-market space, where providing working capital solutions for clients is a key part of the role.
Merafe holds a BCom in economics and investment management and has also completed the finance executive development programme at Cass Business School. He also holds an ACI dealing certificate and a master's degree in the management of finance and investments.
Merafe was also a 2017 Archbishop Tutu Fellow and completed the Harvard Business School Programme for Leadership Development (PLD) in 2019.
