admincompany, and will become a non-executive advisor.
“The board expresses its deep appreciation to Jacko for his substantial contribution to Standard Bank over a career of more than 32 years, and is delighted that his skills will remain within the group,” the company said in a statement.
Sim Tshabalala (45) and Ben Kruger (53) have been appointed joint chief executives.
Maree had overseen a period of substantial growth for the company, and a refocusing on its African business.
The group has been scaling back or divesting from operations in Russia, Turkey, Argentina and Brazil.Yesterday Standard reported the sale of Standard Bank Argentina helped push profits up 23 percent in 2012. Net profit hit R16,5 billion for the year.
Standard Bank expressed confidence that African markets would grow, even as
its home economy of South Africa
struggles. “African economic growth rebounded in 2012 after popular uprisings and political unrest in North Africa brought overall growth down to 3,4 percent in 2011.Africa’s high population growth and rapid rate of urbanisation, as well as its resource wealth and deepening financial sector, are some of the main pillars providing structural support for this counter-cyclical growth pattern.” – AFP.
Online Reporter