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Lungisa Fuzile, Standard Bank South Africa CEO

The Black Business Council  would like to take this opportunity to congratulate Lungisa Fuzile on his appointment as the CEO of Standard Bank South Africa.

He is truly deserving of this significant appointment as he possess the requisite skills, knowledge and passion to lead Standard Bank SA.

“His extensive experience as a seasoned economist with a deep knowledge of the financial system and his public sector experience together with his wealth of knowledge of the regulatory environment may serve the bank strategically to drive economic growth in the country, as the bank is a critical player in the financial services sector which is serious need to transform effectively” says George Sebulela, BBC Secretary General. 

“We applaud the leadership of Standard Bank for adopting a very tangible transformational shift in their recent leadership appointments. We compel Standard Bank to not look at this appointment as the end of transformation, but rather the beginning to transform the entire bank and give black people and black women positions of consequence including support of black business,” adds Kganki Matabane, BBC Chief Executive Officer. 

 

The 2017 Commission of Employment Equity report that was published in May 2017 had some noteworthy highlights such as the following:

  • Top Management Level:
    • 68,5% of the positions are occupied by the White group; African, 14,4%; Indian 8,9%; Coloured 4,9% and Foreign National 3,4%
    • Males occupy 78,0% of the positions and females 22,0%
  • Senior Management Level
    • 58,1% of the positions in Senior Management are occupied by the White group; African, 22,1%; Indian 10,6% Coloured 7,7% and Foreign National 1,4%
    • Males occupy 66,7% of the positions and females 33,3%

The BEEconomics survey published in September 2017 reported that the total industry assets managed by black asset managers are valued at ZAR415.5billion.

In contrast the total size of industry assets available for management by private sector asset managers is ZAR4.6Trillion. This is a mere 9% of total industry assets that are under the control of black owned asset managers.

The implementation of the revised Financial Services Charter(FSC) should embrace the spirit of transformation by moving beyond box ticking.

The BBC wishes Lungisa all the success and will support him as he embarks in his journey.

 

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