Published: March 7, 2011
Africa is our focus says bank as it shifts strategy.
Standard Bank has redistributed responsibilities among its three deputy chief executives as part of strategy to refocus on Africa.
Ben Kruger will now oversee corporate and investment banking as well as personal and business banking. Sim Tshabalala will continue as chief executive of The Standard Bank of South Africa, the group's largest banking operation. Peter Wharton-Hood will take responsibility for all group banks outside of South Africa, as well as continuing to run operations and IT across the group.
Announcing a 4% drop in 2010 earnings to SAR11.2bn (US$1.5bn), chief executive Jacko Maree said the bank had decided that “refinement and tightening of strategic focus is required". The bank announced that it would no longer aim to buy or build additional domestic business outside of Africa, adding that “Africa is at our core”. It said “it will connect other selected emerging markets to Africa and to each other, applying its sector expertise, particularly in natural resources, globally”.