ABSA on Wednesday announced the planned retirement of Garth Griffin, its long-serving non-executive board member and current chairman, once a successor has been appointed.

Mr Griffin has been chairman of the Barclays-owned bank since October 2010.

The group said Mr Griffin had already notified the UK-based parent company during last week's visit to South Africa by its executive committee, which was led by CEO Bob Diamond.

Absa CEO Maria Ramos said in a statement that Mr Griffin, who had been on the board for 11 years, had provided valuable input based on his extensive knowledge of the financial services sector "and willingness to make time available to engage on all matters".

Mr Griffin said he was leaving Absa satisfied that the group had laid a solid foundation for future growth.

"I am confident that the group will continue to reap the benefits of its clear strategy," he said.