Standard Bank Joint CEO Ben Kruger Steps Down

Standard Bank Group Ltd. (SBK.JO) said Tuesday that Ben Kruger has stepped down from the role of joint group chief executive with immediate effect, but will remain as an executive director of the company.

Africa's largest bank by assets said the move follows a change to the current structure, which it believes has met or exceeded expectations.

It said a joint group chief executive was necessary in 2013 when the bank faced complex challenges in several jurisdictions.

Sim Tshabalala remains group chief executive, Standard Bank said.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

September 12, 2017 03:07 ET (07:07 GMT)