Sim Tshabalala named interim head of Standard Bank’s South African unit

Key Points

• Standard Bank appoints Sim Tshabalala as interim CEO of Standard Bank SA after Kenny Fihla’s sudden resignation.
• Leadership change aims to ensure stability during crucial transition, with Lungisa Fuzile taking on interim CEO role for Africa Regions and Offshore.
• Tshabalala’s dual role underscores focus on continuity, with the bank navigating competition and focusing on digital innovation and regional expansion.

Standard Bank Group, Africa’s largest bank by assets, has confirmed the appointment of its long-serving chief executive, Sim Tshabalala, as interim CEO of Standard Bank South Africa (Standard Bank SA), the group’s primary operating entity.

This move is designed to provide stability and maintain the strength of both the group and its largest revenue-generating subsidiary during a crucial leadership transition.

Leadership changes at Africa’s banking giant

Effective Apr. 8, 2025, Standard Bank announced a leadership change following the sudden resignation of Kenny Fihla, Deputy CEO and CEO of SBSA, who is set to become Absa’s Group CEO later this year. Tshabalala’s new role, pending regulatory approval, reflects the bank’s commitment to ensuring smooth leadership continuity at a pivotal time.

Tshabalala now holds dual responsibilities, stepping in at a critical moment to ensure stability and continuity. His leadership of Standard Bank SA, a key earnings driver for the group, highlights the board’s commitment to maintaining its strategic focus while also considering long-term succession plans.

Fihla’s resignation, effective Apr. 8, also extends to his positions in several subsidiaries, including Stanbic Africa Holdings and ICBC Standard Bank Plc. He will remain on garden leave until June 13, 2025. In a related move, Lungisa Fuzile has been appointed interim CEO of Africa Regions and Offshore, effective April 8.

Fuzile, who previously led South and Central Africa, will report directly to Tshabalala and join the Group Leadership Council. His appointment is also subject to regulatory approval. Tshabalala welcomed Fuzile’s expanded role, saying, “Lungisa and I will work closely to drive our Africa-focused strategy.”

From Fihla to Fuzile: A defining moment for Standard Bank

These leadership shifts come at a critical moment for the group, as it adapts to preserve operational continuity while navigating growing competition in the region, particularly from Absa, which is preparing to bring Fihla on board as its new group CEO.

With a market capitalization of R367.9 billion ($20 billion) and operations in 19 sub-Saharan African markets, Standard Bank remains the continent’s leading corporate financier. Under Tshabalala’s leadership, the bank has accelerated its digital innovation and expanded its presence in growth markets like Kenya, Ethiopia, and South Sudan.

As the board considers the next steps in its executive succession plan, all eyes will be on how Standard Bank balances its strategy during this transition and whether Tshabalala’s interim appointment will signal broader changes within the leadership team.