New Managing Executive for Absa Home Loans

24 April 2008 Absa

Luthando Vutula (pictured right), current MD for Absa DevCo, the bank's property development company,has been appointedas Absa Home Loans Managing Executive, effective 1 May 2008.

Vutulahas been appointed as successor to Gavin Opperman, who will be taking on a new role for the bank as Group Executive: Secured Lending for the Retail Cluster, which includes Absa Home Loans.

Oppermansaid, “I am pleased tosee Luthando join theHome Loans team. He brings to the table a wealth of experience in the housing market, and hasa keen understanding of the affordable housingsegment. I have had the privelege of collaborating with Luthando in the past and look forward to working with him going forward."

Vutula has been with the Group for two yearsin theposition of MD Absa Devco. Before joining Absa he served on an executive level at the National Housing Finance Corporation where he was responsible for a number of portfolios. Amongst numerous other academic achievements, Luthando holds a Masters degree in Development Finance, attained from the University of Stellenbosch.

About his appointment,Vutula says,"Iamhonouredto be taking upthis new role and look forward to working with Gavin and the team as we navigate our business through this current cycle."

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