Standard Bank loses head of African expansion
After twenty years working for Standard Bank but less than three months into his new job as group head of strategic expansion, Rob Leith has abruptly left Africa’s biggest bank by assets to join Russia’s Troika Dialog as its new head of investment banking and global markets.
The move came as an unexpected blow for Standard Bank’s Ceo Jacko Maree, who had personally chosen Leith for the new position, reporting directly to him. He had previously been chief executive of global corporate and investment banking. Last March Standard Bank sold its minority stake in Troika Dialog as part of its new strategy to sell non-core assets and focus all its resources on Africa.
Sberbank, Russia’s largest bank, in March agreed to pay over $1bn for Troika Dialog – the 64% held by Ceo Ruben Vardanian and partners and the 36% held by Standard Bank. Since then Troika has recruited several senior bankers, including Chris Weafer from ING as chief strategist and Todd Berman from Bank of America as co-head of IB, and plans to make dozens more high-profile hires. Leith, described by Vardanian as “a banker of impeccable credentials”, will join Troika in January with a mandate to develop its positions in equities, fixed income, derivatives and structured products.
“I am extremely excited to join the Troika Dialog team, for which I developed deep respect and strong working relationships during our strategic alliance,” Leith said. “The pipeline of opportunities the merger with Sberbank represents are compelling. I am also delighted that my new role will allow me to continue to work closely with former colleagues at Standard Bank, which remains a close partners of Troika Dialog when each needs trusted support in the other’s core markets.”
Standard Bank also said it plans to continue to cooperate with the Russian bank: “We are delighted that in joining Troika Dialog Mr Leith will be maintain a close association,” says spokesman Erik Larsen. “ We have not announced a replacement yet, but his departure will in no way affect our long-standing Africa strategy.”
Leith was charged with identifying acquisitions and opportunities for expansion in Africa and therefore his departure is “very disappointing” for Standard Bank, according to Steve Meintjes, banking analyst at Imara SP Reid in Johannesburg, who believes his successor will be an internal choice.
Ilan Stermer, banking analyst at Renaissance Capital BJM in Johannesburg, says Standard Bank “has a lot of top personnel, lots of chiefs, so if they wanted to I am sure they could find a willing or unwilling candidate inside the group.” However, he adds, “as a role I think it’s highly overrated and therefore not one that must necessarily be filled.”
