Standard Bank tweaks board for Africa focus
Former CEO Jacko Maree returns as joint deputy chairman as the bank reboots its Africa focus
Standard Bank has made five additions to its board, including appointing former CEO Jacko Maree as a joint deputy chairman, to help guide the bank on its "refreshed" Africa-focused strategy. Maree, who led the bank between 1999 and 2013, will serve alongside Shu Gu, Standard’s current deputy chairman, representing the Industrial and Commercial Bank of China’s (ICBC’s) 20% shareholding. Standard’s strategy represented its commitment to Africa and to the "shared future that we intend to create for our clients, our people and all our stakeholders", spokesman Ross Linstrom said on Wednesday. "Following the sale in February 2015 of a majority interest in Standard Bank to ICBC and the disposal of other interests outside Africa, our work to refocus the group on Africa is largely complete." he said. In 2015, Standard Bank received R2.8bn for the sale of its London unit, as well as R581m in proceeds from selling Banco Standard de Investimentos, its Brazilian unit, to Banco Inbursa, a bank co...
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