Standard Bank group executive David Munro to step down

Standard Bank group executive David Munro is leaving the bank in March 2023 after 27 years of service.

Munro joined Standard Bank in April 1996 as a risk analyst at Standard Bank London. Two years later, he returned to South Africa and joined Standard Corporate and Merchant Bank.

He worked in global markets and structured finance before being appointed to lead Standard Bank’s corporate and investment banking division – first as Deputy CEO and then as CEO.

Under his leadership, the division recovered quickly from the effects of the global financial crisis and continued to grow well.

He also re-shaped Standard Bank’s international operations to support its purpose of driving Africa’s growth more efficiently and effectively.

In 2017, Munro was appointed as CEO of Liberty Holdings, having ensured the smooth handover of the corporate and investment banking division to his successor, Kenny Fihla.

At that time, Liberty was a separately listed, independent long-term insurance and asset management group, owned 54% by Standard Bank.

Over the next five years, Munro led a strategic programme to re-invigorate the business and improve its competitiveness. 

In early 2022, the Standard Bank Group completed the transaction to acquire the minority shareholding in Liberty.

Liberty was de-listed from the JSE and became a wholly owned subsidiary of the Standard Bank Group on 1 March 2022.

Yuresh Maharaj succeeded David as CEO of Liberty, releasing Munro to lead the work required to integrate Liberty into the group.

Standard Bank CEO Sim Tshabalala said the new insurance and asset management business unit and the commercial coordination initiatives had been handed over to the executives.

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