The Development Bank of Southern Africa (DBSA) has appointed Mo Shaik as the CEO of its soon-to-be-established Development Bank International (DBI) subsidiary.
Shaik’s appointment, which was made within days of confirmation of Patrick Dlamini’s selection as the new CEO of the DBSA itself, was effective immediately.
Dlamini had been selected as the permanent replacement for Paul Baloyi, following his resignation in April. He was currently serving notice at Air Traffic and Navigation Services and would join the development finance institution (DFI) from September.
Chairperson Jabu Moleketi told Engineering News Online that Shaik’s appointment followed a thoroughgoing selection process overseen by a committee established by the bank’s board.
The process included internal and external advertising of the position, as well as a headhunting exercise. Four candidates had been shortlisted to participate in a series of intensive interviews, as well as a psychometric analysis.
Moleketi said Shaik emerged as the “strongest candidate” for the position, notwithstanding his lack of banking experience.
“We have strong internal financial capacity, but were looking for somebody to take a leadership role,” he elaborated.
The DBI would take over responsibility for all of the DBSA’s non-South African activities, which had historically comprised about 30% of the State-owned group’s activities.
The DBSA reported investment approvals of R37.1-billion in 2010/11, of which around 20% was for activities in the rest of the Southern African Development Community.
Moleketi said Shaik’s previous diplomatic experience made him an appropriate candidate to lead the DBI at a time when it would be engaging with partner banks in the Brics bloc of Brazil, Russia, India and China, on the creation of a new Brics DFI.
The other banks involved in the process included the China Development Bank, Banco Nacional de Desenvolvimento Economico e Social, or BNDES, of Brazil, Russia’s Vnesheconombank and the Export-Import Bank of India.
Prior to joining the DBSA, Shaik held several senior management positions both in the private and public sector. He was CEO at CorpAfrica, consul general in Germany, South Africa’s ambassador to Algeria, special adviser to former Foreign Affairs Minister Nkosazana Dlamini-Zuma, head of the South African Secret Services at the Ministry of State Security and head of policy research at the Department of Foreign Affairs.
Shaik holds a BSc (Computer Science), a Bachelor of Optometry and a Masters in Optometry, all from the University of Durban Westville (now incorporated into the University of KwaZulu-Natal). He has also completed an advanced management programme at the Harvard Business School, in the US.