CAPE TOWN - The Standard Bank Group has named Lungisa Fuzile to head its biggest unit in South Africa, assuming some responsibilities from Group Chief Executive Officer (CEO) Sim Tshabalala.
Fuzile will take up his post at Standard Bank South Africa (SBSA) from January 15 and will report to Tshabalala.
Tshabalala had been chief of the unit since 2008 and became the first black person to lead the continent’s largest bank by assets without sharing power after his co-CEO stood down this year.
“This appointment (of Fuzile) removes the dual role for Sim, which had become both unsustainable and inappropriate,” Standard Bank said in a statement on Friday.
Fuzile, who was born in 1966 and is married with one daughter, served as the National Treasury's director general for six years from May 2011.
He joined the treasury in 1998 from Statistics South Africa.
Fuzile began his career as a schoolteacher and became a university lecturer before joining Statistics South Africa in 1997.
In his treasury post, he also oversaw liaison with the South African Reserve Bank on the financing of cash used by the bank to buy foreign exchange reserves.