Standard Bank Group accelerates strategy to ensure it is future-ready
Standard Bank Group is accelerating the execution of its strategy to become future-ready. In order to do this, the Group has made some internal structural changes.
From 1 January 2021, the Group will have three core client segments. These client segments are Consumer & High Net Worth Clients; Business & Commercial Clients; and Wholesale Clients. The client segments will serve our clients using all the physical and digital channels that our clients prefer.
The Chief Executive Officer of Consumer & High Net Worth Clients is Funeka Montjane, former Chief Executive of Personal & Business Banking for South Africa. The Chief Executive Officer of Business & Commercial Clients is Zweli Manyathi, former Chief Executive of Personal & Business Banking at Group. The Chief Executive Officer of Wholesale Clients is Kenny Fihla, former Chief Executive of Corporate & Investment Banking.
A new Client Solutions business is being set up to partner the three client segments and the Group as a whole. Client Solutions is also very much a business in its own right. This business will focus on delivering innovative and cost-effective banking, insurance and investment solutions which can be scaled across client segments and countries. These solutions will also be sold to third parties, creating new opportunities and new revenue streams. The Chief Executive Officer of Client Solutions is Margaret Nienaber, former Chief Executive of Wealth.
The revised structure also includes an Innovation capability to generate future-ready solutions and new business models. This function will coordinate, prioritise and align innovation initiatives across the Group. The Chief Innovation Officer is Adrian Vermooten, former Head of Direct Banking in PBB Africa Regions.
The Group’s executive management team in full is now:
- Sim Tshabalala, Chief Executive Officer, Standard Bank Group
- Funeka Montjane, Chief Executive Officer, Consumer and High Net Worth Clients
- Zweli Manyathi, Chief Executive Officer, Business and Commercial Clients
- Kenny Fihla, Chief Executive Officer, Wholesale Clients
- David Munro, Chief Executive Officer, Liberty
- Margaret Nienaber, Chief Executive Officer, Client Solutions
- Sola David-Borha, Chief Executive Officer, Africa Regions
- Lungisa Fuzile, Chief Executive Officer, South Africa
- Alpheus Mangale, Chief Engineering Officer
- David Hodnett, Chief Risk and Corporate Affairs Officer
- Arno Daehnke, Chief Finance and Value Management Officer
- Rod Poole, Chief Change and Business Transformation Officer
- Adrian Vermooten, Chief Innovation Officer
- Sharon Taylor, Chief People and Culture Officer
- Thulani Sibeko, Chief Brand and Marketing Officer
“These organisational changes will ensure that we increasingly show up as a single unified entity with an integrated view of each of our clients,” says Standard Bank Group CEO Sim Tshabalala.
“The financial world is evolving rapidly,” Tshabalala says. “We are excited about the opportunity that this presents to the Group. We are focused on ensuring that we remain relevant by offering more of the services and solutions that our clients need.
This next phase of the existing business strategy will build on the substantial investments already made by the Group into employee development, digital technologies, infrastructure upgrades and strategic partnerships in recent years.