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South African banker Arrie Rautenbach, the CEO of Absa Group, one of the most diversified financial services providers in Africa, received a total compensation of R44.78 million ($2.41 million) for his excellent work at the helm of the leading lender in 2022.
This signifies a notable rise of 15.5 percent compared to the R38.76-million ($2.1 million) remuneration package he received in 2021, which recognized his leadership of the organization through a time characterized by the disruptions of COVID-19, escalating economic unpredictability, and declining levels of household disposable income.
Rautenbach, a highly regarded banking veteran boasting decades of experience within South Africa’s financial services sector, has effectively held the reins as CEO and executive director of Absa Bank Group since his appointment in 2022.
With a distinguished career spanning decades, he has emerged as a driving force in the financial world, marked by his exceptional leadership and strategic prowess. A dynamic figure with an impressive array of accomplishments, he has consistently risen to the challenges of the ever-evolving banking sector.
Rautenbach’s 2022 compensation package comprises a base salary of R9.28 million ($491,833) and a performance-based short-term incentive of R18.5 million ($981,005) derived from the bank’s exceptional performance during the fiscal year.
He also received a long-term incentive award amounting to R17 million ($901,464) from the leading financial services group as a result of his unwavering dedication to the group and his wealth of expertise as a seasoned professional.
Absa Group (short for Amalgamated Banks of South Africa) is a South African financial services conglomerate that provides personal and business banking services, credit cards, corporate and investment banking, wealth and investment management, and bancassurance.
Since becoming CEO in 2022, Rautenbach has led Absa Bank Group to impressive financial milestones, with the group’s headline earnings soaring from R19.42 billion ($1.04 billion) in 2021 to R22.71 billion ($1.22 billion) in the fiscal year 2022.
The lender’s total assets have consistently expanded in recent times, rising from R1.64 trillion ($88.01 billion) in 2021 to R1.79 trillion ($96.1 billion) in the closing year of 2022.
Apart from his executive and governance roles, Rautenbach owns a minority stake of 0.026 percent, amounting to 218,412 shares in the financial services giant — a stake presently worth $2.14 million.
