Statement by the Governor of the South African Reserve Bank, Gill Marcus, on the appointment of Mr Francois Groepe as Deputy Governor of the South African Reserve Bank

The President of the Republic of South Africa, Mr Jacob Zuma, has advised me as the Governor of the South African Reserve Bank that, after due consultations with the Board of the South African Reserve Bank, he has appointed Mr Francois Groepe as Deputy Governor of the South African Reserve Bank for a period of five years, with effect from 1 January 2012.

Mr Francois Groepe (42) was appointed to the Board in 2004 as a non-executive director representing government. He was until recently the Group Managing Director and CEO of Media24.  Previously he was the CEO: Newspaper Division and Financial Director of Media24.  Before joining Media24, he was Senior Group Controller at Swiss Re, based at its head office in Zurich and, prior to that, he was the CFO of Swiss Re's Life and Health subsidiary in South Africa.

He holds BCom (Hons), MBA and LLB degrees, and a Postgraduate Diploma in Tax Law.  He is a chartered management accountant and an advocate of the High Court of South Africa.

I am delighted with this appointment and welcome Mr Francois Groepe as Deputy Governor of the South African Reserve Bank and wish him a fruitful, successful and rewarding period in his new position.

The Board of Directors, Management and staff of the South African Reserve Bank, heartily welcome Francois Groepe to the Bank and will afford him the necessary support during his term of office.

Statement issued by the Reserve Bank, December 19 2011

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