Mungunda to step down as Standard Bank Nam CEO

Vetumbuavi Mungunda’s will step down as chief executive of the SBN Holdings Group with effect from 1 May 2021.
In a statement this afternoon, the group said Mungunda’s advance notice will “allow for a well-planned, smooth transition process and sufficient time for a suitable candidate to be found and to support an orderly transition”.
“I sincerely believe that 7 years at the helm of a company is a natural inflection point for a new professional challenge. I leave the group both financially and operationally in a much stronger position and at an extremely exciting time in its development,” Mungunda said.
“Under Vetumbuavi’s leadership, SBN Holdings grew from N$319 million of earnings in 2013 to N$614 million in 2019, while total assets grew from N$20.2 billion in 2013 to N$35 billion in 2019. The group completed a 25% localisation of its shareholding in November 2019 which formed an integral part of the group’s successful listing on the Namibia Stock Exchange,” the statement read.