Standard Bank Group Ltd., Africa’s largest bank by assets, is poised to lose yet another pair of senior executives to rival Absa Group Ltd., deepening a trend that has seen several high-profile departures from the continent’s biggest lender.
Absa confirmed that it has appointed Clive Potter, currently the Head of Client Coverage for South Africa within Standard Bank’s investment banking division, as its new Managing Executive for Client Coverage. In a parallel move, Francisco Khoza, Standard Bank’s Head of Legal, will join Absa as Deputy General Group Counsel.
According to Daniel Munslow, Absa’s Managing Executive for Group Communications, Potter will assume his role on 30 March, while Khoza will begin on 1 April. Potter’s departure marks the end of a more than 20-year tenure at Standard Bank.
These latest exits follow the earlier departure of Kenny Fihla, a veteran executive who spent 18 years at Standard Bank before being appointed Chief Executive Officer of Absa in June. Since joining, Fihla has been rapidly reshaping the executive leadership team, drawing in former colleagues from his previous employer.
The shift has been significant. Among those who have already followed Fihla to Absa are:
- Zaid Moola, now Chief Executive of Absa’s Corporate and Investment Banking (CIB) division.
- Musa Motloung, appointed Group Strategic Risk Officer.
Standard Bank, which has approximately $195 billion in assets and operations spanning 21 African countries, appears increasingly vulnerable to a steady outflow of experienced leaders to its smaller rival.
Absa, with around $122 billion in assets and a presence in 12 African markets, has been aggressively repositioning itself to compete more forcefully across the continent. The company has also been expanding its footprint through recent acquisitions, notably:
- The purchase of Standard Chartered Plc’s Uganda business
- The acquisition of HSBC Holdings Plc’s retail and business banking portfolio in Mauritius
The market has responded favorably to Absa’s strategic and leadership changes. Since Fihla’s appointment, Absa’s share price has risen 43%, outperforming the 26% gain of the FTSE/JSE Banks Index over the same period. This rally has propelled Absa’s market capitalization to R220 billion, signaling increasing investor confidence in the bank’s direction.
The continued migration of seasoned executives from Standard Bank to Absa suggests a deepening competitive dynamic between the two financial giants, one that is reshaping leadership across South Africa’s banking sector.
