Absa has removed Sipho Pityana from its board with immediate effect, a move indicating that a rift between him and the banking group has intensified over his extraordinary decision to sue the Reserve Bank’s Prudential Authority.
Pityana dragged the Prudential Authority, a regulator of banks in SA, to the high court in Pretoria in late October for “unfairly” blocking his candidacy as Absa’s board chair.
On Wednesday 24 November, Absa announced that Pityana will no longer serve as a board member, saying his decision to sue the Prudential Authority amounts to dereliction of duty.
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