Standard Bank poaches head of retail at Shinsei

SOUTH AFRICA’S Standard Bank has hired the former head of retail banking at Japan’s Shinsei Bank, the second high-profile banker to join the company in recent weeks to support expansion plans.

Standard Bank, Africa’s largest lender by assets, is looking to position itself as a full-service gateway to Africa and tap into growing trade flows between Asia and the resource-rich continent. It also needs to improve its retail performance in Africa in the face of competition.

Standard Bank has hired Sandeep Deobhakta, formerly the chief operating officer of Shinsei’s retail unit, a spokesman for the Johannesburg-based lender confirmed yesterday. A source said earlier Deobhakta was hired to help boost Standard Bank’s retail presence across the continent.