∙ New Group Executive ready to lead Africa
∙ Eyes growth and diversification
Charles Russon, the newly appointed Group Executive for Africa Regions at Absa Group, described his appointment as an honor and a privilege, saying his nearly 20 years of experience at the bank have prepared him for the challenges ahead.
Russon joined Absa in 2006, holding various positions before serving as CEO of Corporate Investment Banking for nearly seven years. He was appointed interim group CEO in October 2024 and took on his current role in September this year.
“I have had the privilege of engaging with many parts of the organisation,” Russon said in an interview with The Business Weekly & Review. “Stepping into the new role is personally very exciting.”
He said he hopes to leverage his experience to help Absa’s African countries and businesses deliver on their ambitions. Botswana is one of 12 countries outside South Africa where Absa operates, contributing around 34 percent of the group’s bottom line. Russon noted that the country’s contribution has grown significantly since 2018, doubling between 2019 and 2024.
“It is a business that has momentum,” he said. “It presents significant opportunities as we look across the different countries. No two countries are the same, and that diversity is important for our strategy.”
Russon emphasized that the group is pursuing greater diversification to broaden opportunities and reduce reliance on any single market. He described Botswana as a market with deep heritage, having been part of the country for 75 years, and stressed the importance of supporting communities and clients through both prosperous and challenging times.
Absa operates in 12 African countries and maintains offices in New York, London, Beijing, with another planned in Dubai. “Africa does not operate in isolation,” Russon said. “It is part of a bigger global economy, and we need to connect the continent to the world.”
He highlighted that while the bank mainly operates in Anglophone countries, it remains open to strategic acquisitions, such as the recent takeover of Standard Chartered’s retail book in Uganda, pending regulatory approval. He stressed that growth opportunities must be the right fit at the right price, and that clients and customers remain the bank’s top priority.
Technology and data, Russon said, are key enablers of Absa’s growth, offering insights to remain relevant to clients. The group aims to leverage its existing footprint while avoiding overconcentration in any single market or sector.
He also spoke about Africa’s young economies, abundant natural resources, and fertile land as significant opportunities, while cautioning that the continent’s developing financial markets require careful strategy.
“Absa has a significant role in shaping Africa’s financial future,” he said. “We have to make the continent investable, deepen financial markets, and ensure the legal frameworks support the flow of capital.”
