Absa said in a brief statement that the board had been in discussions with Mminele around his working relationship with them and a further announcement would be made later on Tuesday.
“Mr Mminele and the board are working on a suitable separation agreement,” the bank said, without elaborating.
An Absa spokesperson declined to comment further.
Mminele could not immediately be reached for comment.
The news of Mminele's possible departure drove Absa shares 4.2% down by 8.25am GMT.
— Additional reporting by TimesLIVE