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Standard Bank's Jaco Maree retires
Shares in Standard Bank initially rose by 1.29% on Thursday, 7 March 2013‚ following its full year results and the retirement of group chief executive Jaco Maree after 13 years at the helm‚ but the share price slipped back in late afternoon trade.
Sim Tshabalala and Ben Kruger have been appointed joint chief executives with immediate effect.
"Standard bank has been a firm favourite in the investment community for many years now. Its consistent performance on the JSE reflects the sturdiness of its earnings even though it has faced some testing market environments‚" said Shaun Murison‚ market analyst at IG SA.
"The company has repeatedly returned the best yields in terms of dividends when compared with its major banking peers and maintained its position as the largest locally listed bank," he said.
Standard bank is currently valued at about R186bn.
Over the last 10 years‚ Standard Bank has gained about 350%‚ FirstRand 470%‚ the Absa Group 430% and Nedbank 130%.
"There is no doubt that FirstRand is narrowing the gap in terms of market capitalisation‚ however Standard bank is still maintaining decent growth and is near 40% (by market capitalisation) larger than third placed Absa‚" said Murison.
Source: I-Net Bridge
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