Financial Mail reported on Thursday that the Absa board has approved the appointment of Daniel Mminele as the bank's next CEO, from next year.
"Three separate insiders have confirmed to the FM that Mminele has been approved by Absa's board, as well as the banking supervision department of the SA Reserve Bank, as the new CEO," the magazine reported.
Mminele will be the first black CEO of the bank.
Absa CEO Maria Ramos retired at the end of February 2019, when she turned 60.
An acting CEO, Rene van Wyk, a former Reserve Bank employee, has been in the hot seat since then.
Mminele resigned from the Reserve Bank in June, and is currently presumed to be serving a "cooling off" notice period of six months before he takes over at Absa.
Mminele was born in 1965 in Phalaborwa, but went to school in Germany and received a degree from London Guildhall University.
After working in the banking sector in the UK and Germany, he returned to South Africa in 1995 to join Commerzbank in Johannesburg. He then briefly worked at African Merchant Bank, before before joining the Reserve Bank in September 1999.
He served in the bank's financial markets and international banking departments, before being appointed as deputy governor responsible for financial markets and international economic relations.