The Standard Bank Group Limited, yesterday announced the retirement of Mr. Atedo Peterside as non- executive director of the financial institution listed on the Johannesburg Stock Exchange (JSE).

The retirement of the founder of Chairman of Stanbic IBTC Holdings Plc (subsidiary of Standard Bank Group listed on the Nigerian Exchange Limited), comes after 35 years of active service at the financial institution.

In a filling on the JSE dated April 18, 2024, by the parent company, Standard Chartered Bank, the lender disclosed that Dr Xueqing Guan and Mr Atedo Peterside would retire as directors at the conclusion of the Annual General Meetings (AGMs) of Standard Bank Group and The Standard Bank of South Africa Limited (SBSA).

The AGM was scheduled to be held yesterday, and May 23, 2024 respectively.

Stanbic IBTC Holdings, is a member of Standard Bank Group and a leading end-to-end financial institution in Nigeria.

The notice obtained by THISDAY on X (former Twitter) stated that, "Shareholders are advised that, in accordance with the provisions of paragraph 3.59(b) of the JSE Listings Requirements and paragraph 6.39(b) of the JSE Debt Listings Requirements, Dr Guan and Mr Peterside are required, in terms of the Memoranda of Incorporation of Standard Bank Group and SBSA, to retire by rotation at the respective companies' AGMs."

Both directors have formally advised the Company and SBSA that they would not make themselves available for re-election.

Consequently, they would step down from the boards and board committees that they serve on, at the conclusion of the AGMs.

"As indicated in the SENS announcement dated 28 March 2024, the notice of the Standard Bank Group's AGM will be published on 29 April 2024.

"The boards of Standard Bank Group and SBSA express sincere gratitude to Dr Guan and Mr Peterside for their exemplary leadership and significant contribution during their tenure on the boards; and wish them well in their future endeavours, "the statement added.