Baloyi becomes a Board member immediately, assuming the role as chairman from 1 July 2022.
Peter Cooper remains interim chairman until then.
Baloyi has an enviable depth of financial-services expertise and excellent Board level experience along with valuable stakeholder management abilities.
His professional and business-like approach is honed from many years as an executive and Board director. His executive experience is in the financial-services sector, with an early upward trajectory in commercial and development banking institutions that consecutively began with 15 years of service to Standard Bank, 14 years' to Nedbank, and as CEO of the Development Bank of Southern Africa (DBSA) for six years.
Since his departure from the DBSA in 2012, his Board roles have varied across the private and public sectors. Insurance-sector experience has been gleaned from Board service at a number of insurers.
Commenting on the appointment, Peter Cooper, interim chairman of Momentum Metropolitan Holdings (MMH) says: “Paul is an ideal candidate as chairman of MMH; and we look forward to working with him.
"He brings to the table a decisive quality that aligns with our re-energised Reinvent and Grow strategy. Besides being highly respected in the financial-services sector, Paul also has a strong and insightful understanding of the need for client excellence in a competitive retail environment.
"I am excited to welcome him to the Momentum Metropolitan family."