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I have been an occasional lecturer on a part of the risk Management and Derivatives course of the University of Cape Town MBA, and the University of Cape Town diploma in Securitisation, and have been an external examiner for a University of Cape Town MCom dissertation.

My charitable work involves fund raising for a bursary scheme for township-based learners, and I am also actively involved in mentoring learners in this programme.

Am currently busy with a PhD in risk management.

A physically active person, I enjoy open-water swimming, cycling, running and paddling; and am interested in history and an avid reader of biographies and accounts of historic events.


I'm looking for an exciting opportunity where I can continue to exploit my passion for financial markets, particularly emerging markets.

I enjoy business travel, and would be very happy to travel.

Most of my career has involved working in unstructured environments and working on problem-solving tasks, and during the five years I"vre really honed my strategy skills. These skills include both strategy formulation and implementation - and in particular, change management within an organisation.

I work within the public, private and supra-national sectors. I am a regular commentator on markets, and have experience with print, TV and radio journalists; I am also a regular speaker at conferences.


My career has been spent in banking and financial markets, with an emphasis on emerging markets. The current role is varied and interesting; not only do I have exposure to financial markets and risk management, but it is within the broader context of the energy sector, which has a significant impact on the fortunes of the South African economy. This broader perspective is important in how we manage the portfolio within the Treasury as well as being able to clearly articulate the issues surrounding the energy sector to funders, counterparties, government and investors. A major portion of my time is spend engaging with the various stakeholders in this regard. 

I am a self starter and am comfortable dealing with both technical people as well as engaging with stakeholders on a more strategic and macro level. I often present at conferences on technical topics, and in the past have frequently been interviewed in both print and on television. 

I have experience in transforming a business and managing the change that goes with a change in strategy. I have also been involved in market development both domestically and abroad.  This is included the development of debt capital markets in other countries, new product development and starting new markets. As part of this one needs to be technically proficient as well as being able to build consensus across diverse groups of stakeholder with differing objectives. 

Work experience

Other Board Appointments

I was appointed by the South African Minister of Finance to the Financial Markets' Advisory Board, which board advised the Minister and the Market Regulator (the FSB) on matters relating to the financial markets and the development thereof.

I was further  appointed by the Minster to sit on the Directorate for Market Abuse. This board is established in terms of the market abuse and insider trading legislation. I sat on both Boards for a number of years.


Vector Financial Services Ltd
  • Vector was a boutique corporate finance operation. The work varied from corporate finance advisory and listing work for clients, to structuring and implementing tax-based shipping financing structures for one of the Vector shareholders (a shipping company).These structures made use of foreign debt trapped in the South African Debt Moratorium.
  • Based on the results of a due diligence report prepared by Vector, we were asked perform certain management consultancy functions for a life insurance company, which work culminated in a colleague and myself being seconded to the life insurance company to perform a turn-around, prepare a new strategy and business plan and raise new capital for future growth.This assignment lasted approximately two years.
Oct 2010Present

Head: Portfolio Management

Eskom Holdings (SOC) Ltd - Treasury

I work in the Eskom Treasury as Head of Portfolio Management; my responsibilities include the hedging of the currency, interest rate and other financial risks, as well as the hedging of the commodities risks.  We continuously seek ways to lower the cost of both funding and hedging and therefore additionally user overlay and structured products tp optimise the books. Further, I'm responsible for the alternate funding and the funding of the Eskom projects beyond South Africa's borders - this includes the establishment and fund raising for a dedicated resources investment fund. 

As part of my role I continuously engage with investors, both fixed income investors in Eskom as well as equity investors in South African assets. these interactions are both formal (presenting at conferences) and informal in purpose-formed meetings.

Eskom is currently busy with a massive capital expansion program to create more capacity in the electricity system.  This has necessitated a significant funding program with a corresponding increase in both the liabilities and financial assets - my job is to manage this asset and liability book.

I am a member of the Asset/Liability Committee (ALCO), the Credit Committee, the Liquidity Committee and the Treasury Exco. The Portfolio Management team as well as the Foreign Exchange and Commodities Trading Desks report to me.

Mar 2004Sep 2009

Head Interest Rate Division

Bond Exchange of South Africa/Johannesburg Stock Exchange

April 2005 to June 2009 Chief Executive Officer of the Bond Exchange of South Africa

April 2004 –Mar 2005 General Manager in charge of Risk & Regulation for the BondExchange of South Africa.

Bond Exchange of South Africa (and Johannesburg Stock Exchange) Head Interest Rate Division (Jul 2009 - Sep 2009): After the successful take over of the Bond Exchange by the Johannesburg Stock Exchange (JSE), I was asked to remain on for an additional three months to direct the development of a new interest rate strategy for the newly merged businesses and to integrate the two interest rate businesses. At the time that the offer was made I had already indicated my intention to not renew my contract at the end of 2008 as I was planning to move to Europe; at the request of my board I extended my contract until the end of June 2009.   Prior Role – Chief Executive Officer:  Was initially appointed as CEO on a one-year contract, which contract was extended by an additional three years after being selected during an executive search process.  My brief has been to redevelop and then drive the delivery of BESA’s strategic plan.  This involved re-positioning the exchange externally and restructuring the exchange internally – driving a client-centric commercial ethic.

At the Bond Exchange we redevoped the strategy which identified a lack of capital and infrastructure as critical weaknesses in the exchange.  Accordingly I led the demutualisation and subsequent capitalisation of the exchange, which raising of capital involved the introduction of international strategic partners.  Simultaneously, we designed a clearing solution for the South African fixed income market and finalised a partnership with NASDAQ OMX to jointly provide clearing services into the domestic market.

My activities included:

  • Redeveloping the strategic plan taking account of the domestic market and trends, the international market and trends, and the general evolution of exchanges.
  • Restructuring the Exchange to focus on delivery, which included the establishment of a sales function, developing a resource plan, restructuring certain reporting lines, and staffing according to the new plan and structure
  • Transforming the Exchange, not only in terms of employment equity, but at a leadership level, bringing a new culture of delivery and accountability
  • Repositioning the Exchange, in terms of both public profile and with stakeholders and members
  • Diversifying the revenue in line with the revised strategy
  • Developing a clearing solution for the Bond Market, and
  • Demutualising and recpaitalising the exchange

      I was a frequent speaker at conferences, both domestically and abroad, on matters relating to exchanges, financial markets and market development.  I was additionally invited to participate on a working committee of the Bank for International Settlement Working Group on Emerging Market Financial Stability (relating to emerging markets’ domestic bond markets).

  • Previous Role – General Manager – Risk & Regulatory:  I was initially appointed on contract to a newly created position in charge of the Risk and Regulatory Division of the Bond Exchange.  The role and the division were both newly created, and therefore I was required to scope the departments, hire the necessary staff and implement my recommendations.  As part of my contract I was also required to identify, hire and, if necessary, mentor an affirmative action candidate into my role as General Manager.

My activities included:

  • Re-scoping and implementing the surveillance function
  • Designing and implementing a risk management solution for the market
  • Restructuring and then implementing the (restructured) Guarantee Fund
  • Acting General Counsel to the Exchange
  • Being in charge of the outputs of the executive management team (similar in function to a COO)
  • Being the primary interface with the Financial Services Board on regulatory issues
Triodos Renewable Energy for Development Fund

      Triodos is a small Netherlands-based bank that operates on the Steiner Principles.  As part of the activities of the bank they have a number of development initiatives, one of which I was appointed to represent in Southern Africa.  The fund is funded, inter alia, by Triodos, the Ford Foundation, the Government of the Netherlands and the Swiss Government.  My role was to identify projects in need of funding, perform the financial analysis and make recommendations to the fund.  Once an investment had been made, I then had a watching brief to ensure that the funds were applied in terms of the funding arrangement, and to facilitate the repayment of the funds upon the termination of the projects.  All projects were development projects and had an element of social upliftment.  I also performed similar work for the International Finance Corporation (IFC) for one of their environmental benefit funds.


Strategic Business Unit Leader

Nedbank Ltd

Strategic Business Unit Leader (ie General Manager) in charge of Legal, Tax and Risk for the international business of the Technology & Operations Division of Nedbank Ltd

My work experience at Nedbank was initially very varied, and ranged from establishing and managing a risk function within the custody division of the bank to corporate finance and structuring work in connection with the Technology Investment Strategy of Nedbank.I was in charge of the Legal, Tax and Risk of the T&O Division of Nedbank.I later focussed on the international business.I also sat on the boards of certain companies in which Nedbank had invested.

My activities included:

  • The establishment and managing of a risk function within Nedbank’s custody business
  • The use of insurance products to lay-off risk
  • Acted as shareholder of Strate Ltd on behalf of Nedbank, and was a member of the Strate Audit Committee.
  • Involved in the structuring of the investments made in numerous technology companies.This work included the research into, and establishment of, off-shore intermediate holding companies in order to maximise tax efficiency of the funding/investment
  • Rolling out the Compliance function within the T&O division of Nedbank
  • I helped establish the operational risk monitoring function within T&O and sat on the Operational Risk Committee of T&O, being the official reporting body to the Audit Committee.
  • I assisted in the development and execution of the international expansion strategy of the T&O division.As part of this initiative, my work became focused on the international business, where I was involved in researching and then establishing the international structure, including the corporate and tax structure and the day-today financial operations.As a result of the European work I have a good understanding of the legal, tax and accounting implications for structuring transactions within Europe.
  • I was part of the team that negotiated the card processing contract with American Express and Credit Suisse in Europe, and technology platform contracts for operations in Switzerland.I was involved in the drafting, general legal advice, tax advice, financial implications and pricing, risk and actual negotiations.This initiative is Nedbank’s only international growth strategy
  • I was part of the group that assessed potential investors/purchasers of the T&O division from Nedbank.Nedbank received many unsolicited offers for this business, and each one was evaluated before being rejected or taken further
  • As most of the transactions were off-shore, I was involved in the drafting of Exchange Control applications and discussions with the Exchange Control Authorities, accordingly, I have a good working knowledge of Exchange control and the implications thereof on transactions

I was a member of the team, which won the award as the best team in Nedcor during 2002.I was  selected as one of two Nedbank people to attend an Executive Management Development course convened by Old Mutual PLC (Nedbank’s controlling shareholder) at London Business School during 2003 and 2004 (the course was postponed due to budgetary cuts at Old Mutual and had not yet taken place when I resigned).



Deloitte & Touche

Partner, Deloitte & Touche – Forensic Services and InsuranceConsulting

Deloitte & Touche
  • As a Partner at Deloitte & Touche I was operationally responsible for the Johannesburg office of the Forensic Services division of Deloitte & Touche, with national responsibility for risk management of the division.I also established an insurance risk-consulting practice that performed pre-loss reviews and quantified the financial aspects of losses.
  • The Forensic work involved fraud investigations, dispute resolution and the preparation and delivery of financial and expert evidence in court proceedings.My particular focus was on the banking and insurance industries.The work primarily involved the quantification of losses and the valuation of businesses.
  • I acted as a consultant to, and ran the process for the privatsation of two State owned financial institutions

Garth Greubel Full CV





Higher Diploma in Company Law

University of the Witwatersrand

1991-1992 Higher Diploma in Company Law – Dissertation on the implication of S38 of the Companies Act on Reverse Listings

1988-1990 LLB

1985-1987 BA


Higher Diploma in Advanced Banking

University of Johannesburg

2001 Higher Diploma in Advanced Banking

1997-1998 LLM in Tax – Dissertation on the taxation of interest on financial instruments

Prediction Market

Financial Mail Coverage


Emerging Market Knowledge
I have spent most of my career working in emerging markets, and in particular, in the last five years, a significant amount of my time has been spent working on the development of African debt capital markets. This has involved work with private and public sectors and with supre-national organisations such as the IFC and the OEDC.   i have a passion for emerging markets. Ex africa semper aliquod novi
Risk Management
In my current role at Eskom I am responsible for the currency, interest rate, commodity risk management. This role includes all of the hedging activities as well as designing an implementing overlay strategies to manage the risk/cost profile of the asset and liability book. the books are significant, with the asset book measured in R10s billion and the liability book measures in R100s billion.   My risk management experience started with the quantification of the financial impact of certain insurance claaims. It then extended to the establishment of an oerationsal risk function within a bank, to developing models to manage market-wide market and liquidity risk in the South African fixed income market. I also have a broad appreciation for enterprise wide risk issues and management.   Spend five years working on a PhD in Risk Management. My interest area was Extreme Value Theory.
My underlying skill set is legal and tax. In my current role i remain the General Counsel for the organisation. I have been involved in many cross-boarder transactions and therefore have a working knowledge of tax and corporate law across a number of jusridictions.
Change Management
I have lead an organisation through a significant amount of change, and through this have been struck at how imprtant it is to closely manage individual's fears and aspirations. Change can be unsettling for people and a significant amount of energy needs to be depployed to bring people along with one.
Problem solving
Problem solving has always been a part of my working life. Generally I find my self working unstructured environments and problem solving is an imporant tool in creating structure in the environment.   The problem solving skills are analytical, for example international tax structuring, and people orientated, where I have been involved in large cross-border commercial negotiations. I have also done financial modelling (although not recently)
Strategic thinking and implemention
My role for the last five years has been to lead the team which reformulated the business strategy or the organisation, I then had to sell the new strategy to the board and to the broader financial market, including both private and public sector, and then to implement the strategy.   In order to implement the we had to restructure the orgsnisaton from a mutual into a corporate, and raise money via a rights issue. In raising money, we identified and brought in new strategic shareholders at both corporate and company subsidiary level.   This strategic reformuation and implementation took place over a number of years, and therefore change management and the management of the individuals fears and aspirations was important.