File image: Minister of Finance, Malusi Gigaba.
File image: Minister of Finance, Malusi Gigaba.
Sim Tshabalala and Ben Kruger. File Image
Sim Tshabalala and Ben Kruger. File Image

CAPE TOWN- Finance Minister Malusi Gigaba has congratulated Sim Tshabalala on his appointment as the sole Chief Executive Officer (CEO) of Standard Bank Group Ltd.

Sim Tshabalala took over as the sole and first black chief executive of Standard Bank Group Ltd after Ben Kruger on Tuesday stepped down with immediate effect in line with market expectations.
 
“As one of the leaders of the so-called Big Four banks, this is truly an affirmation of the capacity of black professionals and a championing story for transformation in South Africa’s financial sector,” said Minister Gigaba.

Also read: Analysis: Standard Bank's new sole CEO

Sim Tshabalala and Ben Kruger. File Image

 
Standard Bank in 2013 appointed Tshabalala and Ben Kruger as joint chief executives after long-time head Jacko Maree stepped down.
 
Standard Bank said that it had decided to drop the joint-group chief executive structure, which was implemented in March 2013 when Tshabalala and Kruger succeeded Jacko Maree.
 
“Along with the work that is currently ongoing in Parliament to address the slow pace of transformation in the financial sector, Tshabalala’s appointment comes as a step in the right direction,” said the Minister.

Minister Gigaba wished Tshabalala well in his position. He also wished outgoing joint-CEO Kruger well as he steps down from the position.

-BUSINESS REPORT ONLINE