13 September 2017

South Africa: Minister Congratulates Standard Bank's First Black CEO

Finance Minister Malusi Gigaba has congratulated Sim Tshabalala on his appointment as the sole Chief Executive Officer (CEO) of Standard Bank Group Ltd.

"As one of the leaders of the so-called Big Four banks, this is truly an affirmation of the capacity of black professionals, and a championing story for transformation in South Africa's financial sector," said Minister Gigaba on Tuesday.

Standard Bank announced on Tuesday that it had appointed Tshabalala as its sole and its first black chief executive. Standard Bank in 2013 appointed Tshabalala and Ben Kruger as joint chief executives after long-time head Jacko Maree stepped down.

"Along with the work that is currently ongoing in Parliament to address the slow pace of transformation in the financial sector, Mr Tshabalala's appointment comes as a step in the right direction," said the Minister.

Minister Gigaba wished Tshabalala well in his position. He also wished outgoing joint-CEO Kruger well as he steps down from the position.

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