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Standard Bank Group names CEO of South African unit

Standard Bank Group Ltd. appointed Lungisa Fuzile CEO of Standard Bank of South Africa Ltd., effective Jan. 15, 2018.

Fuzile served as director general of South Africa's National Treasury from May 2011 until May 2017. He takes over from group CEO Sim Tshabalala, who served as CEO of the unit since June 2008.

The group said the appointment removes Tshabalala's dual role, which had become "both unsustainable and inappropriate," according to the Dec. 14 statement.