Standard Bank—An African Tiger

In November 2011, Jacko Maree, Chief Executive of Standard Bank Group, was reviewing the Group’s major decisions in recent years, thinking about the future, and looking for opportunities as South Africa emerged from the global financial crisis of 2008-10. The Group had fared relatively well during the financial crisis, in the sense that no major losses had occurred, and there was almost no exposure at all to the U.S. real estate market or to derivatives based on mortgages there. Even so, the global slowdown had hurt South Africa, and Standard Bank’s core businesses there had suffered as well. To keep shareholders happy, the Group needed to demonstrate a clear strategic direction and to demonstrate commitment to that strategy, possibly by pursuing acquisition(s) or other kinds of expansion.