Standard Bank Group Ltd. (SBK.JO), Africa's largest lender by assets, said Friday Tshamano "Fred" Phaswana has agreed to take over the role of chairman when Derek Cooper steps down in May.
Phaswana has been chairman of Anglo Platinum Ltd. (AMS.JO), the world's biggest producer of the metal, since 2006 and has sat on the board of its parent company, Anglo American PLC (AAL.LN), since 2002.
The Johannesburg-based financial company said Phaswana will "review his current commitments" in the light of his appointment at Standard Bank.
Cooper, who has been chairman since January 2001, reaches retirement age and will step down after Standard Bank's annual shareholders' meeting next year.
Standard Bank said Saki Macozoma and Kaisheng Yang will continue as joint deputy chairmen.
-By Robb M. Stewart, Dow Jones Newswires; +27 11 783 7848; robb.stewart@dowjones.com