Absa signs two contracts with NWU’s Centre for BMI

On 13 February Absa signed two contracts with the Centre for Business Mathematics (BMI) of the NWU PUK campus. The first contract is a bursary contract and was signed by Mr Lawrence Mlotshwa on behalf of Absa and Prof Annette Combrink on behalf of NWU. The value of the contract amounts to R1,475 million per year for 5 years.

Mr Lawrence Mlotshwa (Organisation Development Director, Absa): ‘BMI training is of strategic importance to Absa and the financial industry in general. The training that BMI students receive is excellent as observed through the quality of the work that BMI graduates deliver in Absa, and nowadays in Barclays. Through the renewal and extension of the bursary contract we want to ensure a constant talent pipeline of highly qualified professionals who will contribute to the betterment of South Africa.

The second contract is concerned with Absa providing operational support for the activities of the Centre for BMI to the value of R2 million per year for 5 years. On behalf of Absa the Centre for BMI will conduct industry directed research in the area of financial risk management and analysis.

Dr Neels Erasmus (General Manager ERM Risk Support, Absa): ‘The Centre for BMI was founded in 1998 as a joint initiative by Absa and the erstwhile Potchefstroom University for CHE in order to establish a Centre of Excellence in Financial Risk Management. We regard the investment as a resounding success as portrayed by the quality of the BMI training programmes and the achievements of the risk analysis research programme. By signing this contract, Absa wants to support practical industry directed risk/reward management and analysis research in South Africa.

Prof Riaan de Jongh (Director: Centre for BMI): ‘We are honoured that Absa has decided to support us again. Without the support of Absa, and other industry partners like SAS, the Centre for BMI would not be sustainable in its current form. Contributions by industry is necessary to ensure high quality training and research.’

The Centre for BMI has signed 5-year contracts amounting to more than R22 million in the last year.

In front are Prof Annette Combrink (Rector of the PUK Campus of the NWU) and Mr Lawrence Mlotshwa (Organisation Development Director , Absa). Behind them are Dr Neels Erasmus (General Manager ERM Risk Support, Absa), Mr Thomas Mashaba (Employee Relations Director, Absa), Prof Riaan de Jongh (Director: Centre for BMI) and Mr Thys Cronjé (Financial Manager, Centre for BMI).