Standard Bank Group Ltd. (SBK.JO) said Thursday that it has appointed Lungisa Fuzile as chief executive of its Standard Bank of South Africa Ltd. (SSBA) subsidiary with effect from Jan 15, 2018.
The South African financial services company said Mr. Fuzile's appointment is part of its plan to separate the position of joint group chief executive Standard Bank Group and of SSBA, which it said had become "unsustainable and inappropriate". Sim Tshabalala, the current group chief executive, will continue as chief executive of Standard Bank Group.
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Standard Bank said Mr. Fuzile will be accountable to the board of SSBA, but will also report to Mr. Tshabalala.
Mr. Fuzile was previously director general of the South African National Treasury.
Shares in Standard Bank are up 3.5%, at ZAR176.10 at 1244 GMT.
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(END) Dow Jones Newswires
December 14, 2017 08:16 ET (13:16 GMT)