Johannesburg - Standard Bank Group paid its joint chief executives, Sim Tshabalala and Ben Kruger, about R28 million each, about 56 percent more than their predecessor.

Tshabalala and Kruger, who took over as joint chief executives in March last year, each received more than R7m in fixed pay, R9.4m as a cash bonus and R11.1m in deferred bonuses for last year, putting their combined compensation at R57.5m, according to the company’s annual report published on Friday.

In 2012, former chief executive Jacko Maree received R18m in fixed pay and bonuses.

“Market pressures are driving remuneration for top, specialised banking and financial services talent upward, towards developed market norms,” Ted Woods, the chairman of the bank’s remuneration committee, said.

Standard Bank shares have risen 8.2 percent this year, and climbed 1.28 percent higher to close at R139.93 on the JSE on Friday. – Bloomberg