Standard Bank’s David Munro embarks on a well deserved sabbatical
Widely acknowledged as one of South Africa’s leading businessman, David Munro has decided to take a break from the corporate world.
Widely acknowledged as one of South Africa’s leading businessman, David Munro has decided to take a break from the corporate world.
SA’s second largest lender has made a buyout offer to purchase the remaining 46% stake in local insurer Liberty that it doesn’t already own.
Liberty Holdings has announced a full-year loss, as its turnaround strategy was squeezed by the pandemic in 2020.
The Shareholder Investment Portfolio was impacted by volatile market conditions and lower market returns experienced during 2018, which resulted in normalised headline earnings decreasing by 17% to R2.2bn.
Liberty results for the half year reflect a stabilisation of our business, with normalised operating earnings up by 18%, supported by increased earnings from the South African insurance operations and the STANLIB businesses.
Liberty CEO Thabo Dloti has resigned with immediate effect following a difference of opinion with the Board on the company’s immediate focus.