The until now Executive Director of Retail Banking and Business of Absa Bank Mozambique, Pedro Carvalho was the chosen name for Managing Director of Absa Bank Mozambique, replacing Rui Barros.

Carvalho will start serving as Managing Director as of September 1, 2022, the bank announced in a statement this Thursday.

Absa Bank Mozambique's Board Chair, Luísa Diogo, highlighted Carvalho's experience as Chief Operating Officer and more recently as Retail and Business Banking leader, which "speaks for itself" and demonstrates why she believes he will be the "right person to lead the Bank into the next phase of growth, providing natural continuity to the work that has been done so far."

The Bank explains that it considered Pedro Carvalho as the ideal candidate to replace Rui Barros, who will leave office in August, taking into consideration his broad experience in the international banking industry as well as his strong knowledge of the Mozambican market.

Carvalho joined Absa in 2014 as Chief Operating Officer. In 2018 he was appointed Head of Retail and Business Banking and in 2022 Executive Director of the Bank.

Before Absa, he was Director of International Area and Expansion at Atlântico Group (Angola), after being General Manager and Director of Special Projects for Atlântico Europe.

Pedro has a strong background in international banking, having been Chief Operating Officer at UBS in Portugal, after having developed his career and gained experience at Banco BPI for years.

The Bank's Board of Directors also stresses that the appointment of an internal candidate "ensures continuity and stability, as well as alignment with the recently approved strategic plan.

Carvalho, was part, since 2014, of the management team that operated the turnaround of the Barclays Africa/Absa operation in Mozambique. As Chief Operating Officer he led the reformulation of the entire technological and operational component of the Bank, making it a solid base for the accelerated growth that the Bank has experienced since 2014.

In 2018, upon taking over the leadership of the Retail and Business segment, he focused on growing the business and together with the rest of the management team, implemented, with acknowledged success, the rebranding to Absa.

His significant experience and knowledge of the Mozambican market and banking system, gained over the past eight years, and his skills and experience, are necessary requirements to lead the Bank in this next phase of development.