Standard Bank's Ben Kruger. PHOTO: Standard Bank website

JOHANNESBURG  - Standard Bank said on Friday former joint CEO Ben Kruger would retire from December 31 as he turns 60 in May 2019, the banking group's retirement age for executives.

Kruger stepped down as joint chief executive of Standard Bank in September 2017, leaving Sim Tshabalala as the only head of Africa's biggest bank by assets. The two had taken up their joint roles in 2013 following the retirement of Jacko Maree who had led the bank for more than 13 years.

Standard Bank said it had agreed to move Kruger's retirement date forward by a few months at his own request. 

Upon his retirement, Kruger will step down from the boards of Standard Bank Group and Standard Bank of South Africa Limited. But he will continue to serve as a non-executive director on the boards of directors of Stanbic IBTC in Nigeria and ICBC Standard Bank Plc.

Standard Bank chairman Thulani Gcabashe said Kruger had exemplified selflessness leadership throughout his tenure at the bank.

"He has been an integral part of the group's leadership team since joining the group executive committee in 2000," Gcabashe said.

"We are immensely pleased that the group will continue to benefit from his wealth of banking experience and wisdom."

Kruger joined the group in 1985, taking up various roles in Standard Corporate and Merchant Bank. 

He was appointed chief executive of SCMB in 2001. Between 2006 and 2008, he held the position of chief executive of global Corporate and Investment Banking, and assumed the position of deputy group chief executive of Standard Bank Group in 2009.

- African News Agency (ANA)