Liberty appoints John Maxwell to head up Direct Financial Services and Bancassurance

John Maxwell

Liberty Holdings today announced the appointment of John Maxwell as Group Executive of Direct Financial Services and Bancassurance.

John Maxwell moves to the Growth cluster to head a centralised strategic approach of direct financial services, affinities and Bancassurance. This will create synergies for the group, including the development of a group-wide affinity business, appropriate leverage of the direct capability and a single point of accountability for Bancassurance.

Commenting on the appointment and what it means to the business, Mukesh Mittal, CE Growth Cluster said: “John played a critical role in the turnaround of Retail SA and he brings with him a wealth of experience to the Growth cluster. We are confident that with his proven track record coupled with his extensive experience at an executive level in banking, insurance and joint ventures, John is well placed to drive maximisation of growth, efficiency and profitability in this growth area of the Group.”

Liberty’s Growth cluster supports the company’s vision to become the leading wealth management company in Africa with growing opportunities in the affinities, direct financial services and bancassurance businesses.

“The growth of affinity partnerships, banassurance and our direct insurance in the form of FRANK.NET, presents an opportunity for the Growth cluster to positively contribute to growth at a group level. The realignment of the business will ensure a more coordinated approach to managing the three business areas, by delivering on our priorities and growth objectives as well as building on existing affinity partnerships.

The centralised approach will therefore strengthen our competitiveness in this growing direct market. More specifically, the bancassurance agreement with Standard Bank continues to be a strong strategic advantage for Liberty in South Africa and Africa, with both partners focused on delivering value and growth. Additionally, the DFS business is well positioned to benefit from a growing market through the two significant affinity partners, Vodacom and Standard Bank, while the capabilities built for FRANK.NET will continue being leveraged to support a broader direct strategy for the DFS.” concluded Mittal

John Maxwell’s appointment will come into effect on 1 January 2013.