"Recruitment drive underway" at Standard Bank

Standard Bank has big plans for 2010. Africa's biggest bank by assets is seeking to grow its corporate and investment bank in Africa and globally and to become an emerging markets leader.

As Kennedy Bungane, new CIB chief executive in SA, puts it, after a year "focused on improving liquidity, preserving capital and managing risk, now is the time to compete with multinational or international investment banks." London-based David Munro, Bungane's predecessor, has the specific task of building the group's CIB global capability.

To this end a "recruitment drive is underway," says Elizabeth Warren, Standard Bank's global head of human resources: "We have had a review of all talent in Africa and we have a clear idea of where the gaps are, which roles and in which countries. We first look internally to give our people room to grow, but then it is likely to be a mix of local and external skills placement. We do not favour South Africans over foreigners: we want the best people who understand emerging markets and we need global skills to build a global franchise."

The bank is willing to look internationally to find the right person, as demonstrated by the recent hire of Bob Fernandez, poached from JP Morgan in London, where he was head of Debt Capital Markets in emerging markets, to be their new head of DCM for Africa, based in Johannesburg. "We are very flexible in our recruitment and we have to look widely," says Rob Leith, chief executive of CIB International. "It is difficult to find people with global experience and an understanding of cross-border transactions as well as technical skills."

The search for key people is truly global, says Warren, and it goes from Asia to South America: "We will for example recruit in Brazil for positions in Mozambique or Angola, to get a combination of banking and language skills. And we welcome Chinese skills, to help strengthen the growing business between China and Africa."

Another plan for 2010, says Warren, is to step up the Africa graduate recruitment programme: "Our graduate recruitment programme in South Africa is very strong, and now we plan to use that experience to focus on Africa. As our clear leadership is in the Continent, we want to make sure we build a pool of African talent."