APPOINTMENT OF NEW STANDARD BANK CHAIRPERSON

The Public Investment Corporation (PIC) welcomes the appointment of Ms Nonkululeko Nyembezi as the new Chairperson of the Standard Bank Group, effective from 1 June 2022.

Ms Nyembezi’s appointment as a female black Chair of a major commercial bank is a significant milestone with regards to transformation. The PIC welcomes the commitment to diversity shown by Standard Bank with the progression of women at the highest decision-making level. We further recognise the positive continued efforts of empowering and hiring black talent within the group.

The appointment confirms Standard Bank’s position as a notable leader in advancing transformation in the financial services industry, both at a Board and company level. As a major investor in financial services companies, the PIC believes Standard Bank has set an important benchmark on how transformation should be embraced as an essential pillar in a company’s corporate strategy.

The PIC wishes Ms Nyembezi well in her new role.

Issued by PIC Corporate Affairs, 13 May 2022