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STANDARD Chartered Bank Zimbabwe has appointed Mubaiwa Mubaiwa chief executive officer (CEO) with the mandate to lead its transition.

The transition follows an announcement by Standard Chartered Bank Plc that it will be divesting from Zimbabwe, along with other markets.

Mubaiwa will succeed Ralph Watungwa, who was suspended early this year on allegations of abusing the foreign currency auction system.

In a statement, the lender said Mubaiwa took over the role on May 1, 2022.

“Standard Chartered Zimbabwe has announced the appointment of Mubaiwa Mubaiwa as its CEO, effective 1 May 2022. Standard Chartered Plc recently announced its intention to exit operations in Zimbabwe. Mubaiwa’s appointment is critical in ensuring a smooth transition of the process. The board of Standard Chartered Zimbabwe would like to congratulate Mubaiwa on his appointment and wishes him success in his new role,” the bank said.

Mubaiwa has over 20 years experience with the Standard Chartered Bank, having held several managerial positions across Africa.

Prior to his appointment as CEO, Mubaiwa was head of commercial, corporate and institutional banking.

He held several positions including head of commercial banking (Zimbabwe), head of financial markets (Zimbabwe), and additional responsibilities for commercial banking in the southern African region.

The statement said Mubaiwa had worked as head of sales in Cameroon and head of wholesale banking in Sierra Leone. Mubaiwa joined Standard Chartered Bank on the African regional management trainee programme after graduating from the University of Zimbabwe with a Bachelor of Science Degree in Economics. He also holds a Chartered Institute of Management Accountants qualification.

Last month Standard Chartered Bank Plc said it was divesting from seven countries in Africa and the Middle East as it seeks to improve profits.

The bank will exit Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe, likely by selling its business in those markets.

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