Two major developments involving Standard Bank are making headlines in South Africa. First, Absa's new CEO, Kenny Fihla, is poaching top talent from his former employer, Standard Bank, to bolster his management team. This strategic move comes as Absa prepares to roll out its new growth strategy in the coming months. Zaid Moola has been appointed as CEO of corporate and investment banking (CIB) as part of this talent acquisition.
In other news, Standard Bank, along with Liberty Life, is investing significantly in the Welisizwe Rural Bridges Programme. This collaborative initiative between the South African National Defence Force (SANDF) and the Department of Public Works and Infrastructure aims to connect rural communities across South Africa.
Welisizwe Bridges Programme: Connecting Communities
The Welisizwe Rural Bridges Programme has already made significant progress, completing 11 bridges in KwaZulu-Natal and with 58 more currently under construction. The goal is to build 288 bridges by 2025/26, connecting rural communities to essential services like schools, healthcare, markets, and neighboring towns. Over 200 bridges are already in progress.
SANDF Partnership
The partnership agreement with Liberty Life and Standard Bank was formalized at a strategic work session led by General Rudzani Maphwanya, Chief of the SANDF. According to Defence Corporate Communication, this agreement will “strengthen the SANDF’s capacity to deliver on both its security mandate and developmental contributions.”
Maphwanya also highlighted the need to address challenges facing the SANDF, including budget cuts, outdated equipment, and skills shortages. He emphasized the importance of restoring operational readiness, modernizing assets, and retaining expertise to maintain the SANDF's effectiveness.
- Absa hires Zaid Moola from Standard Bank.
- Standard Bank invests in Welisizwe Rural Bridges Programme.
- The Bridges Programme aims to build 288 bridges by 2026.
- SANDF seeks to restore operational readiness.