Gill Marcus has stepped down from the Board of Absa (ASA) with immediate effect to take up the position of Governor of the South African Reserve Bank, Absa said in a statement.

Marcus was named Sunday by President Jacob Zuma as Reserve Bank Governor from November. Current governor, Tito Mboweni, was offered a further term as Governor, but indicated his desire to pursue other interests.

Dave Brink, Absa's Deputy Chairperson, will assume the role of chairperson in the interim while the bank embarks on a process of finding Marcus' successor.

"It has been a privilege to have served Absa as its Chairperson and to have worked with the calibre of the directors, executive management and staff. I have no doubt that the Bank will continue to flourish and transcend greater heights in the future.

"I am deeply honoured to be afforded the opportunity to serve South Africa and all its people. It is an awesome responsibility that I will fulfil to the best of my ability," said Gill Marcus.

Maria Ramos, Absa Group Chief Executive Officer thanked Marcus for providing significant leadership to the Absa group. "She will be sorely missed. I wish her well in her new role," she added.

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