By Lehlohonolo Lehana.
Standard Bank has announced that Group CEO Sim Tshabalala will take over as the Interim CEO of Standard Bank South Africa from 8 April 2025.
The move will see Tshabalala act in a dual capacity as CEO of the Group and Standard Bank South Africa.
Standard Bank Group (SBG) is biggest operation by far in SA business, and the move follows the resignation of Kenny Fihla, the group’s deputy chief executive and CEO of SBSA, in March to take on the role of group CEO of rival Absa later this year.
Tshabalala’s interim role as SBSA CEO is “subject to regulatory approval”, the group said.
Meanwhile, SBG also announced on Tuesday that Lungisa Fuzile, the current regional chief executive for the group’s South and Central Region, has been appointed interim chief executive of Africa Regions and Offshore, also effective 8 April 2025.
Africa’s biggest banking group by assets said Fuzile’s new appointment within SBG is subject to regulatory approval. He will report to Tshabalala and join the Group Leadership Council.
“Lungisa and I will work together closely as we continue to develop and execute the group’s strategy in relation to its footprint outside of South Africa,” commented Tshabalala.
“We congratulate Lungisa as he takes on these expanded responsibilities and wish him success in his new role,” he added.
Career Highlights
- Sim Tshabalala joined the group in 2000 in the project finance division of SCMB and in 2001 he was appointed to the group executive committee.
- Between 2001 and 2006, he was managing director of Stanbic Africa, and in 2006 was appointed as the chief executive of PBB.
- In June 2008, he was appointed chief executive of SBSA, a role he held until January 2018. In March 2013, he was appointed as the joint group chief executive of SBG, alongside Ben Kruger until September 2017, when he took over as the sole group chief executive officer.