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19 November 2009
Standard Bank announces two senior appointments
Standard Bank has announced two strategic appointments aimed at bolstering the group's growth strategy.
Kennedy Bungane has been appointed Chief Executive of Corporate and Investment Banking (CIB) South Africa. He takes over from David Munro, who has been appointed Global Head of Investment Banking.
Bungane, who is currently Deputy Chief Executive of CIB South Africa, will assume full responsibility for all the group's Corporate and Investment Banking activities in South Africa. He will report to Sim Tshabalala, Chief Executive, Standard Bank South Africa.
Munro will be responsible for building CIB's global capability across all its Investment Banking product lines and for developing the global coverage model for CIB. He reports to Rob Leith, Chief Executive, CIB.
These promotions come in the wake of Standard Bank's announcement of new Chairman-elect Fred Phaswana who, subject to regulatory approval, will take over the Chairmanship from Derek Cooper when Cooper retires in May next year.
Says Tshabalala: "These appointments are a manifestation of Standard Bank's growth strategy. There was an extremely rigorous selection process to identify the right candidate to head Global Investment Banking and David emerged as the most suitable candidate ahead of some seriously talented local and international candidates. David is one of the most talented people that I have had the honour of knowing and I have no doubt that he will continue making a valuable contribution to the group with all the energy and passion for which he is so well known.
"Kennedy brings a wealth of experience to his new role. What matters is technical capability, directly relevant experience and social capital. Kennedy has all of these in abundance. I believe that he will rise to the challenge as Standard Bank strives to compete more vigorously in the South African market."
Tshabalala says that Bungane played a crucial role in the establishment of South Africa's Financial Sector Charter and the subsequent transformation of that industry. In his new role Bungane will be tasked with doing more of the same as the country becomes more competitive.
"Kennedy's appointment symbolises and signifies hope and confidence in the future of South Africa. He is still very young - 34 - to hold such a key position but much is expected of him. CIB has done well relative to its competitors in terms of profitability and efficiency, plus it is a market leader in many sectors, segments and products. Kennedy will be tasked with preserving and improving on this."
Bungane's previous role of Deputy Chief Executive, CIB South Africa, will not be filled.
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