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Johannesburg - Standard Bank Group announced on Tuesday that Kenny Fihla, the deputy chief executive and head of client coverage at the corporate and investment banking unit (CIB), has succeeded David Munro as chief executive CIB, with immediate effect.

This follows Munro's appointment as chief executive of Liberty Holdings to replace Thabo Dloti, who suddenly quit South Africa's fourth biggest insurer following a difference of opinion with the board on the immediate focus of the company. Standard Bank said Fihla has been a key player in driving CIB`s growth and in managing key corporate clients across the continent and major financial centres around the globe.

Liberty Holdings is a subsidiary of Standard Bank Group. Sim Tshabalala, chief executive of the Standard Bank, said these appointments demonstrated the bank's deep pool of expertise and its ability to integrate and optimise the deployment of its key talent. "Given Liberty`s importance as an institution to the Standard Bank Group, our ongoing priority is to enable the company to achieve its growth by focusing on a short-term recovery plan and a longer-term strategy to reinforce its competitiveness," Tshabalala said.

"Liberty remains a fundamentally sound business and Standard Bank is confident of Liberty's long-term profitability, competitiveness and sustainability." Tshabalala expressed appreciation for the role Munro has played at CIB and wished him, Fihla, and their respective teams` success going forward.