Standard Bank’s David Munro opts to leave the group

Standard Bank said on Wednesday that long-serving executive David Munro will leave the banking group in March.

Munro’s career with Standard Bank spans 27 years during which he held various senior roles, including CEO of its corporate and investment banking (CIB) division, as well as CEO of insurer Liberty Group.

He joined Standard Bank in April in 1996 as the risk analyst for its London operations before returning to SA two years later to join Standard Corporate and Merchant Bank, where he worked for 19 years.

Munro worked in global markets and project and structured finance and later led the CIB in SA, first as deputy CEO and then CEO. He led investment banking in CIB and became the group CEO of CIB in 2011.

Under his leadership, CIB recovered quickly from the effects of the global financial crisis, Standard Bank said in a statement. Munro was also pivotal in re-orientating growth strategy in Africa.

In early 2022, Standard Bank completed the transaction to acquire a minority shareholding in Liberty in a deal that culminated in the life insurer delisting from the JSE.

Yuresh Maharaj subsequently succeeded Munro as

CEO of Liberty, releasing Munro to lead the work required to integrate Liberty into Standard Bank.

The integration involved the evolution of Standard Bank’s operating model, including the establishment of a new business unit, insurance and asset management, of which Liberty will be an integral part.

The integration work also focused on launching several commercial co-ordination initiatives between Liberty and the group, both in SA and in other Africa regions.

MUNRO’S CAREER WITH STANDARD BANK SPANS 27 YEARS DURING WHICH HE HELD VARIOUS SENIOR ROLES

“The banking group had reached a point where both the new insurance and asset management business unit and the commercial co-ordination initiatives had been handed over to the executives who will now lead them,” Standard Bank Group CEO Sim Tshabalala said.

“As a result, the role of an integration executive has come to an end, and David has decided that this is the right moment for him to leave the group.”