Standard Bank names Nonkululeko Nyembezi as its new chair

Standard Bank, Africa’s largest lender by assets, has named former JSE chair Nonkululeko Nyembezi as the head of its board from the beginning of June.

Nyembezi will take over from Thulani Gcabashe, who is stepping down after seven years in the position, after the group’s AGM on May 31.

Nyembezi has previously been the chair of Alexander Forbes Group Holdings, a non-executive director of Old Mutual, CEO of ArcelorMittal SA and non- executive director of Standard Bank Namibia.

Her role as the non-executive chair of the JSE ended on May 3 and she will remain a board member at Anglo American and Macsteel Service Centres SA, the bank said in a statement. She was appointed to the board of Standard Bank in January 2020 as a non-executive director.

“She is a seasoned and respected leader with extensive experience in diverse industries, gained from many years as an executive and board member,” the bank said.

“Her experience includes that of board chair and member of board committees, with core expertise in strategy, planning, execution, governance and corporate stewardship and a proven record as a leader in diverse and complex organisations.”

Nyembezi's appointment comes as Standard Bank makes a push for a retail client base of 25-million by 2025, having reported about 16-million clients in SA and the rest of Africa at the end of 2021.

The group is looking to partner with telecommunications firms, retailers and fintech disrupters as it repositions itself as a diversified pan-African financial services giant. Earlier in 2022 that concluded the buyout of minority shareholders of insurer Liberty Holdings, which it plans to integrate into its broader operations.

With Garth Theunissen

gernetzkyk@businesslive.co.za