Jacko Maree resigns, two co-Ceo's appointed

On the local front today we have the announcement that Jacko Maree is handing the reins over at Standard Bank to Sim Tshabalala and Ben Kruger. Two? Sim is 45 years old, in fact OLDER than when Jacko took over, whilst Ben is 53. Why? Is the business that complex that the two need to separate their duties? Is running a big and complex outfit like this deserving of the time of two quality guys like this? Surely if someone like Jamie Dimon can run a big and complex bank like JP Morgan, this could and should be easier? Perhaps the board were at loggerheads as to who to appoint? Maybe that is exactly it, and decided that this is the best solution in the short to medium term. Those two know each other well, Sim and Ben. Sim will run the African business and the groups wealth business, with Simon Ridley being his right hand man, whilst Ben will run Personal & business banking and Corporate & Investment Banking. And risk. Peter Wharton-Hood will report to Ben.


Decent enough results, a record in fact, in part due to the realisation of the sale of their Argentinean division to their (Standard Bank groups) biggest shareholder ICBC. ICBC is of course the worlds biggest bank, the Chinese bank that bought a 20 percent stake back late in 2007. Their purchase price has never been breached, ever. An 11.11 percent was bought at a 30 percent premium back then, at 136 Rands from ordinary shareholders. The other amount was issued by the company to ICBC at 104.58 (I think), giving them a total purchase consideration of just above 120 ZAR. The all time high is around that price, 120.30 ZAR. But I suspect that whilst ICBC might have been irritated, they would be mindful that there was a big drawdown which they have come through relatively unscathed in this investment, and I presume that their time horizon is around 20 years, minimum. In the fullness of time it will turn out to be a "good one".