Standard Bank entered a new era in March when Jacko Maree, its chief executive since 1999, retired. Under the leadership of Mr Maree, a highly respected figure in African banking, Standard Bank grew from being not much bigger than its three main rivals in South Africa – FirstRand, Absa and Nedbank – to being easily the largest lender on the continent, with a balance sheet of more than $180bn.
The bank’s decision to appoint joint CEOs to succeed Mr Maree did not go down well with all commentators, however. While few had qualms about the abilities of either of the two new men at the helm, Sim Tshabalala and Ben Kruger, several questioned whether a joint structure would suit the bank.
