Goldman Sachs Group Inc. named Jonathan Penkin CEO of Goldman Sachs International Bank, Johannesburg branch, subject to regulatory approval, and branch manager of Goldman Sachs International, Reuters reported, citing an internal memo.

Penkin, who joined Goldman Sachs in 2006 and served in a number of roles, will replace Colin Coleman, who is set to retire at the end of 2019, according to the Dec. 11 report. The Johannesburg office serves as the U.S. investment bank's base for its sub-Saharan African operations.

Additionally, the lender appointed Willem Baars and Olivier Frendo as co-heads of investment banking for sub-Saharan Africa, responsible for strategic initiatives in the region alongside Penkin, according to the memo.