Luvuyo Masinda, still in his 40s, has emerged as one of the key players at Standard Bank following the recent change of role of his boss Kenny Fihla, who is now playing a more pronounced role at group level.
Masinda, 44, has been promoted to deputy CEO of the lender’s corporate and investment (CIB) business in a move that allows Fihla to help group CEO Sim Tshabalala run the vast organisation, with assets north of R2.5-trillion.
Fihla will remain as CIB’s CEO for the foreseeable future, with Masinda set to be groomed into the role.
A trained chartered accountant, Masinda joined Standard Bank, or the “Big Blue” as the lender is referred to due to the size of its balance sheet in 2007, working in the financial accounting department.
He grew through the ranks of Africa’s largest bank by assets over the years, holding positions such as head of client coverage and investment banking (CIB) and CFO of the key unit.
His ascension to deputise Fihla has earned him a place in the group’s exco, which reports directly to Tshabalala.
“Luvuyo previously held the role of chief risk officer for CIB, has successfully led their finance and client coverage teams, and will bring deep financial and commercial insight to his new role. Luvuyo has joined the group leadership council,” a Standard Bank spokesman said.
The council is made up of the group’s top brass including CFO Arno Daehnke, COO Margaret Nienaber, Liberty CEO Yuresh Maharaj, the bank’s SA business head Lungisa Fuzile, the CEO of consumer and high net worth individuals Funeka Montjane, and its Africa regions head Yinka Sanni.
Other members of the council are business and commercial banking CEO Bill Blackie, chief risk and corporate affairs officer David Hodnett, chief strategy officer Adam Ikdal and chief people officer Sharon Taylor.
Business Day reported on Monday that Tshabalala had handed Fihla more responsibilities as he turns his focus to aspects of his role that “deserve a higher level of attention in the planning horizon to 2030, including the growth of our Africa Regions portfolio”.
Standard Bank said transitions at the C-suite level in the last five years have “been largely seamless, with the majority of these being as a result of executives retiring or exploring alternative career opportunities with the group”.
“The group has a robust leadership pipeline and talent management framework to ensure the adequacy of succession planning for all key roles, as well as the development of young talent across its business lines, corporate functions and geographies,” the company told Business Day.
Standard Bank’s CIB unit is key to the group’s fortunes, serving large companies, multinationals, governments, parastatals and institutional clients across Africa and internationally.
CIB generated corporate total income of R48.8bn for the group in its last financial year.
The business has positioned itself to play a leading role in financing just-transition projects across the 20 territories where it does business in Africa, including its SA home market.
Financing sustainable energy infrastructure is the fastest-growing part of the group’s CIB business, and it expects to have achieved at least R250bn in sustainable finance origination by 2026.
In the group’s 2022 annual report published in 2023, Fihla said financing renewable energy projects is the unit’s biggest growth opportunity.
“Our leading position as a renewable energy funder in SA means we are ideally placed to power Africa’s growth through renewables and natural gas — the single largest growth opportunity for CIB in the coming years,” he said.
“The global sustainable finance market is enjoying exponential growth. We provide clients with market-leading sustainable finance solutions including green bonds and social bonds, sustainability-linked loans, sustainable trade solutions and impact investing.”
Updated: January 11 2024
The story has been updated to reflect all members of the bank’s council.
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