Standard Chartered Makes Essoka Vice Chairman of Africa Business

Standard Chartered Plc (STAN), the U.K. bank that makes about three-quarters of its earnings in Asia, said Ebby Essoka will engage with political clients in his new role as vice chairman of its African business.

Richard Etemesi will succeed Essoka as chief executive officer in South Africa and southern Africa, the London-based bank said in a statement today. Lamin Manjang will replace Etemesi as CEO of Kenya and East Africa, the company said.

“We have doubled the size of our African business over the past five years,” Diana Layfield, CEO for Africa, said in the statement. “Ebby, Richard and Lamin will drive our ambitious plans to invest over $100 million over the next three years, as we open 110 new branches by 2015.”

Standard Chartered’s said earnings from Africa grew at a compound annual rate of 25% over the past five years and the region generated income of $1.6 billion last year. Essoka, who will divide his time between Johannesburg and London, will take up his position on Jan. 1., while Etemesi will assume his new role after receiving regulatory approval, the bank said.

To contact the reporter on this story: Christopher Spillane in Johannesburg at cspillane3@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

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