Standard Bank Group makes senior executive appointments
Standard Bank Group (SBG) is the largest African financial services business by assets, operating in 20 African countries, 4 global financial centres and 2 offshore hubs. SBG offers a comprehensive suite of banking, insurance, and asset management services through our four business units. SBG’s assets stand at R3.1 trillion and we employ 51 000 people.
SBG is a well-diversified business with scale that has proved resilient over time. Income has grown at an average rate of 7% since 2014, while earnings have grown on average by 10% a year. In the first half of 2024, SBG delivered returns well above the cost of equity and an ROE well within its ROE target range of 17% to 20%.
SBG is pleased to announce executive appointments to simplify and strengthen its management structures, to improve its competitiveness in the short to medium term, and to continue its strong growth momentum. These appointments are effective from 1 September 2024.
These appointments will enable our executive team to focus more precisely on their mandates and to continue to develop their expertise and their networks. These changes will also assist in the ongoing process of ensuring that SBG has the number and depth of executives it needs to maintain and extend SBG’s success into the future.
Further, these changes continue the process of allocating senior expertise to the areas of highest potential growth and, therefore, increasing capital allocation.
Having received the approval of the board of the Standard Bank Group, with the approval of the Prudential Authority, and having completed all the relevant governance requirements, Kenny Fihla is appointed as Deputy Chief Executive of the Group and Chief Executive of The Standard Bank of South Africa Limited (SBSA). As Deputy Chief Executive of the Group, Kenny will assume responsibility both for SBSA and for the Group’s Africa Regions and Offshore businesses. Kenny will continue to report to the Group’s Chief Executive Sim Tshabalala.
With the support of the board, the approval of the Prudential Authority, and having completed the requisite governance processes, Luvuyo Masinda is appointed as Chief Executive of Corporate and Investment Banking (CIB), to succeed Kenny Fihla. Luvuyo will report to Group Chief Executive Sim Tshabalala. Luvuyo joined Standard Bank in 2007 in the Finance function and has held the roles of Chief Financial Officer, Chief Risk Officer, and Head of Client Coverage for CIB, before being appointed as its Deputy Chief Executive in October 2023.
Lungisa Fuzile, current Chief Executive of SBSA, will now take up two roles, the first being Group Head: Public Policy and Regulation. He will also assume the role of Regional Chief Executive of the Group’s Southern & Central Region of the Africa Regions portfolio.
Yinka Sanni, current Chief Executive of Standard Bank Africa Regions and Offshore, will take on the role of Group Executive, leading the Group’s relationships with some of our top clients and regulators. In addition to these duties, Yinka will support Kenny Fihla in refining the structure of the Africa Regions and Offshore businesses.
Lungisa Fuzile and Yinka Sanni will report to Deputy Group Chief Executive Kenny Fihla.
Group Chief Executive Sim Tshabalala says, “Kenny Fihla is a most experienced and successful executive – a leader’s leader of immense effectiveness, having served the Group in various senior executive roles over the past 18 years. I look forward to working even more closely in partnership with Kenny as we develop and execute the Group’s strategy. I have no doubt that the Group’s subsidiary network will continue to flourish and expand under Kenny’s leadership. Lungisa Fuzile has been an outstandingly successful leader of SBSA and has remarkable wisdom and deep experience in leadership, management, finance, economics, public policy, and regulatory matters. Yinka Sanni has led Africa Regions and Offshore with distinction and has exceptionally deep banking, management, and leadership skills, combined with Africa-wide experience. I am delighted that we will continue to be able to draw on Lungisa’s and Yinka’s talents in their new capacities.”
Deputy Group Chief Executive Kenny Fihla says, “It is my great pleasure to pass the baton at CIB to Luvuyo Masinda. Luvuyo is an exceptionally talented and accomplished executive. I am sure that he will lead CIB to new heights.”
Chief Executive of Corporate and Investment Banking Luvuyo Masinda says, “I am honoured to be appointed as Kenny’s successor. He has built the strongest and most successful Corporate and Investment Banking business in Africa, and I am determined to extend his legacy.”
