The National Treasury announced on Friday that Leslie Maasdorp, Vice-President and Chief Financial Officer (CFO) of the New Development Bank (NDB), is set to step down from his position in July.
Maasdorp has been instrumental in steering the financial operations of the bank, responsible for treasury, portfolio management, finance, and accounting functions.
Shanghai-based institution
Maasdorp’s journey with the NDB began in July 2015 when he was appointed by Cabinet to represent South Africa at the Shanghai-based institution. Initially serving as Vice-President, he later assumed the role of CFO. He became a pivotal member of the founding management team under the leadership of the first NDB president, Kundapur Vaman Kamath.
Following the conclusion of his initial term in 2021, Maasdorp was reappointed for a second term of three years by Cabinet. His nine-year tenure at the bank will come to a close on July 7 2024, Treasury confirmed.
Minister of Finance Enoch Godongwana expressed gratitude for Maasdorp’s service, acknowledging his significant contributions.
“On behalf of my colleagues, I wish to express our sincere gratitude to Mr Maasdorp for the distinction with which he has served South Africa in this role. As CFO, he led the Treasury and capital markets activities of the Bank. He established the global and domestic bond programmes for the institution, raising more than $15-billion during his tenure.
Led the bank’s inaugural credit rating
“Maasdorp also led the process of obtaining the inaugural credit rating of the bank in 2018. [This] established the institution as a leading new emerging markets-focused multilateral development bank. I want to wish him well in his future endeavours,” Godongwana said.
Before his distinguished career in global investment banking, Maasdorp held senior leadership roles in the South African government. Notably, he played a pivotal role in the restructuring and privatisation of state-owned enterprises. This as Deputy Director-General of the Department of Public Enterprises.
Beyond his corporate endeavours, Maasdorp has chaired Advtech, a leading private education provider in South Africa. He was recognised as a young global leader by the World Economic Forum.
He holds a BA degree in Economics and Psychology from the University of the Western Cape. A Master of Science degree in Economics from the School of Oriental and African Studies at the University of London.
Grateful for the opportunity
Reflecting on his imminent departure, Maasdorp expressed gratitude for the opportunity to serve South Africa and be part of the historic mission to establish the NDB.
“It has been a distinct pleasure and honour to serve South Africa over the past nine years as Vice President and CFO of the NDB. I wish to thank Minister Godongwana, his predecessors during these nine years. To the Cabinet colleagues for having afforded me this incredible opportunity to be part of a historic mission. The mission to create a new global financial institution from scratch. Over this period, NDB approved over $6-billion of loans to South Africa. This contributed significantly to the roll-out of sustainable infrastructure. This includes rail, ports, power, roads and water projects,” he said.
The National Treasury confirmed that his replacement will be announced upon completion of the recruitment process.
