Stanbic IBTC Holdings appoints new Non-executive Director

The Board of Stanbic IBTC Holdings Plc, a local unit of South Africa’s Standard Bank, has appointed Barend Johannes Kruger as a NonExecutive Director of the company with effect from January 18, 2019.

In a notice sent to the Nigerian Stock Exchange (NSE) Friday, the lender said Kruger’s appointment followed the receipt of all required regulatory approvals.

“The Board is pleased to welcome Mr. Kruger and will undoubtedly benefit immensely from his wealth of experience,” Stanbic IBTC said.

Kruger had an extensive career in the financial services industry spanning over 30 years. He joined the Standard Bank Group (SBG) in 1985, taking up various roles in Standard Corporate and Merchant Bank (SCMB).

Between 2006 and 2008, he held the position of Chief Executive of Global Corporate & Investment Banking (CIB) and assumed the position of Deputy Group Chief Executive of SBG in 2009.

From March 2013 to September 2017, Kruger was Joint Group Chief Executive of SBG alongside Sim Tshabalala. He recently retired as an Executive Director on the Boards of SBG and Standard Bank of South Africa on December 31, 2018.

Prior to his retirement, he was responsible for the leadership, management and governance of Africa Regions; guiding the digitization of the group; the group’s relationship with its strategic partner ICBC; helping with the management of the Group’s risks; and key client relationships.

Kruger is an alumnus of the University of Pretoria where he obtained a Bachelor of Commerce (Honours) degree. He has undertaken the Harvard Business School, Boston, Advanced Management Programme and is also a Chartered Accountant.

Stanbic’s gross earnings for the period of nine months ended September 2018 rose by 9.45 percent to N168.8 billion from N154.22 billion recorded in the corresponding period of 2017.

Profit for the year surged by 59 percent to N59.76 billion in the review period as against N37.67 billion recorded in the same period of 2017.

Stanbic shares stood at N47 per share on Friday after it dropped 1.05 percent on Thursday. The stock has lost 1.98 percent so far this year, still outperforming the NSE All Share Index which improved to -1.35 after the close of business last week.

Stanbic IBTC Holding, which operates in the midtier of the competitive Nigerian banking sector, provides investment banking, wholesale banking and brokerage services.