SA banking industry hails appointment of Standard Bank’s new CEO


JOHANNESBURG, December 15 – The Banking Association of South Africa (BASA) on Friday hailed the appointment of former director-general of National Treasury, Lungisa Fuzile, as the new chief executive of Standard Bank SA as a “significant appointment” for the country’s banking industry.

Standard Bank SA on Thursday, announced that Fuzile would take over the reigns as its new chief executive with effect from 15 January 2018. He would replace Sim Tshabalala, who, in September, took over as sole chief executive after Ben Kruger stepped down from the shared position.

Fuzile quit Treasury in April after his former boss Pravin Gordhan was sacked in a cabinet reshuffle. He had served 20 years in the public service. His departure from the Treasury represented a setback to the South African civil service.

BASA’s managing director, Cas Coovadia, said that Fuzile’s appointment would impart additional strong leadership and world-class credentials to the banking sector, and was wholeheartedly welcomed.

“This is a significant appointment. It provides impetus to the efforts by the sector to continue driving a clear commitment to the national transformation agenda. It goes a long way towards retaining and embracing the critical skills needed in our economy and society to support the contribution required for a national growth agenda,” Coovadia said in a statement.

“While bolstering the private sector’s leadership credentials, his appointment serves as a warning in relation to government’s apparent inability to retain key talent in key departments, triggering a dire loss of institutional knowledge. This impacts directly on our country’s global competitiveness and deliver the levels of growth needed to address our economic situation.”

Coovadia said that it had become an urgent national priority for government to provide both policy and leadership certainty if the country was to navigate a path to meaningful growth and shared prosperity.

 – African News Agency (ANA)