Standard Bank announces the departure of David Munro after 27 years

Standard has been dealt a massive blow following the departure of David Munro who is leaving the banking group after 27 years.

Munro leaves Standard Bank after making his return to the South African banker coming from insurance and financial services provider, Liberty Life where he served as a CEO.

In March, Munro went back to work for Standard Bank to manage the merger of Liberty when the bank acquired the insurer’s minority owners and delisted it from the Johannesburg Stock Exchange.

After completing his final duty successfully, the bank reported that he has opted to take “a well-earned break from corporate life” starting in March 2023.

According to Sim Tshabalala, CEO of Standard Bank, “The group had reached a point where both the new insurance and asset management business unit and the commercial coordination initiatives had been handed over to the executives who will now lead them.”

“As a result, David has concluded that the position of an integration executive is no longer necessary.”

The CEO, Tshabalala also added that Munro and his new enthusiastic team led a strategic programme to revive the business as he takes a break from corporate life.

“David and his new team led a strategic programme to re-invigorate the business and to improve its competitiveness,” said Standard Bank, adding that he and his team helped Liberty reconnect with its heritage.

Tshabalala also stated that dating back to 2004, Munro has consistently been central to developing and executing the group’s purpose and strategy, leading business units that needed to be steered in the right direction.

“David’s remarkable leadership capacities were fully matched by the depth of his expertise in many aspects of financial services and by the breadth of his strategic vision,” added Tshabalala.

BusinessTech Africa has learned that when Munro joined Liberty, its earnings were on a downward trend, and the financial services company was not running a very profitable operation either.

Its new business margin stood at just 0.5% in the 2017 financial year and at the end of the 2018 financial year, Liberty’s operating earnings before investment income rose by an impressive 42%.