Image: Twitter: Standard Bank CEO: Sim Tshabalala.

CAPE TOWN- The move by Standard Bank speaks directly to the wishes and ambitions of a transformed sector, said Sibongiseni Mbatha, Association of Black Securities and Investment Professionals (ABSIP) president. 

Mbatha was congratulating Sim Tshabalala on his Tuesday appointment as Group Chief Executive Officer (CEO) of Standard Bank. 

“Based on his broad experience in the banking industry and broader financial services sectors, he is clearly the right person to contribute to its growth,” ABSIP said in a statement.

Standard Bank on Tuesday announced the appointment of Tshabalala as new CEO following the stepping down of Ben Kruger who has been his counterpart as joint Chief Executives of Standard Bank Group since 2013.

“As leading custodian of professional interest and black business in the financial services sector, for us, the move by Standard Bank speaks directly to the wishes and ambitions of a transformed sector. ABSIP will always be willing to work with Tshabalala on the mandate to build leaders that shape the future of the Financial Services industry and the broader economy, ” said Mbatha.

In his tenure as joint CEO of the bank, Tshabalala and his counterpart led the Bank to an 8.1% growth in 2017, making it the best-performing lender after Capitec Bank Holdings Ltd. Furthermore, under the leadership, the Bank stock has climbed almost 41%.

“ABSIP believes that the economy must undergo a fundamental change in order to include all South Africans, and the occupation of key positions by capable black leaders in key financial institutions such as Standard Bank will help drive the desired change,” said Mbatha.