Reserve Bank gets new deputy governor

Pretoria - President Jacob Zuma has appointed Francois Groepe as Deputy
Governor of the South African Reserve Bank.

Groepe has served Media24 previously as CEO of the newspaper division as
well as financial director.

He was appointed to the central bank's board as a non-executive director
representing government. Until his appointment, Groepe was the Group
Managing Director and CEO of Media24. Before becoming part of Media24,
he was Senior Group Controller at Swiss Re -- one of the world's largest
reinsurers -- based at its head office in Zurich.

"The appointment is for a five-year term, with effect from 1 January
2012," said the Presidency on Monday, adding that Zuma wished him well
in his new position.

Groepe will become the third Deputy Governor, joining Governor Gill
Marcus and Deputy Governors Daniel Mminele and Lesetja Kganyago.

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.

Groepe's appointment follows consultations with the Reserve's Bank's board.

"I am delighted with this appointment and welcome 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 him to the Bank and will afford him the
necessary support during his term of office," said Marcus. - BuaNews