The new appointment stems from a review of the firm’s banking and wealth management structure and a decision to spin off its asset management division last year.

Investec Bank has named Ruth Leas as chief executive officer of its banking unit, which houses the group’s non-Southern African operations.

Announcing details yesterday, subject to the usual regulatory approval, the South African-based wealth manager said that Leas will take on CEO duties in three to six months, taking over from David van der Walt, who will become chief risk officer for Investec Bank and Wealth Group and head risk for the parent group, once the firm has completed spinning out its asset management business, it said on Tuesday.

Leas is currently the chief risk officer of Investec bank, responsible for all areas of risk management, and managing the rating agency relationships for the group in the UK.

She has spent 20 years at the Johannesburg lender and moved to its London operation in 2002, where she was later appointed co-head of financial products for structured credit and credit derivatives. She became an executive director of Investec’s board in 2016 and was appointed chief risk officer in June 2017.

The firm decided to separate the asset management business from the parent bank last September, causing speculation that, separately listed, it may be an attractive acquisition target.