South African economy to remain ‘sluggish’ in 2014

[Standard Bank Team]

Speaking today on Standard Bank Group’s financial results for the first half of 2014, our Chief Executive Ben Kruger said global growth in 2014 is expected to be influenced by developed market countries, while emerging markets are expected to struggle to match the growth rates achieved in 2013.

He made particular reference to the South African economy saying that the current “sluggishness” is expected to persist for the remainder of 2014. This will continue to leave South African consumers feeling less than confident.

Ben said that Standard Bank Group’s positioning in South Africa is strong and our selected exposure to expanding economies in sub-Saharan Africa provides a robust platform on which to maintain the operational and financial momentum in our continuing operations.

Standard Bank Group remains firmly committed to delivering improved returns on equity to shareholders over the medium term while investing in our people and systems to meet the demands of a rapidly evolving environment.

Sim Tshabalala and Ben share the title of Chief Executive of Standard Bank Group.