Standard Bank Group Ltd., Africa’s largest lender by assets, is set to lose two more top executives to smaller rival Absa Group Ltd.
The lender’s investment-banking unit appointed Clive Potter, the head of client coverage in South Africa for the same division at Standard, as managing executive for client coverage.
Meanwhile, Francisco Khoza, the head of legal, will join the Absa team as deputy general group counsel, Absa said in response to queries.
Potter will start on March 30 while Khoza begins on April 1, said Daniel Munslow, Absa’s managing executive for group communications. Potter spent more than two decades at Standard Bank.
The executives follow Kenny Fihla, who held various roles at Standard for 18 years before joining Absa as chief executive officer in June.
Standard has about $195 billion in assets and a footprint across 21 countries on the continent.
Others who previously joined Fihla from Standard include Zaid Moola, who now heads Absa’s corporate and investment-banking unit, and Musa Motloung, who was appointed group strategic risk officer.
Absa is smaller than its rival, with about $122 billion in assets and operations in 12 African countries.
Its most recent acquisitions include the purchase of Standard Chartered Plc’s Uganda business, and the retail and business banking portfolio of HSBC Holdings Plc in Mauritius.
Since Fihla joined Absa, its shares have climbed 43%, outpacing the 26% gain in the FTSE/JSE Banks Index over the same period and giving the lender a market value of R220 billion.
