Standard Bank Investment Corporation Limited
(Registration No. 1969/017128/06)
("Stanbic")
Share Code: SBC
ISIN Code: zae000014858
New managing director for Stanbic Africa
Sim Tshabalala, currently Director, Structured Finance, at Standard
Corporate and Merchant Bank, is to become Managing Director of Stanbic
Africa.
Tshabalala, 33, joined the Standard Bank Group a year ago from Real Africa
Durolink Holdings, where he was Director, Structured Finance. Prior to that
he was with the legal firm Bowman Gilfillan Inc.
Tshabalala replaces Rocco Rossouw, who has been with the Standard Bank Group
for some 36 years, the past four as Managing Director of Stanbic Africa.
During this period, Stanbic Africa's contribution to group profits has
increased from R180 million (1997) to R350 million (2000).
Jacko Maree, Stanbic group Chief Executive, says: "Our African business is
entering a new phase which will require a far greater emphasis on functional
business lines rather than geographic reporting entities. Consequently I
believe that a change in leadership is in the long-term interests of the
bank. Rocco will be leaving Standard Bank to pursue new opportunities.
"I would like to thank Rocco for his contribution to Standard Bank over a
long period and wish him well for the future."
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