The man heading South Africa’s 163-year-old banking giant, who started an NGO and loves reggae
David Hodnett has just taken over as the CEO of Standard Bank South Africa (SBSA), but he also runs an NGO for people with intellectual disabilities.
In September, Standard Bank announced that Hodnett would lead the South African operations of the bank following the departure of Kenny Fihla to rival Absa.
SBSA is one of the oldest banks in South Africa having originally been incorporated in London as The Standard Bank of British South Africa Limited in 1862.
The bank was initially founded by a group of London-based businessmen to finance the development of diamond and then gold mining operations in South Africa.
The word “British” was dropped from SBSA’s name in 1883 as it continued to expand across the country and even across borders.
The Standard Bank as South Africans know it today was formed in 1962, when SBSA was registered as a South African company, operating as a subsidiary of Standard Bank in London.
The British operation subsequently renamed to become Standard Chartered Bank after it merged with Chartered Bank of India, Australia and China in 1969.
That same year, the Standard Bank Investment Corporation was formed to hold the SBSA operations. This holding company eventually became the Standard Bank Group.
Standard Bank continued as a member of Standard Chartered until 1987 when the Birtish company sold its 39% ownership of SBG to Liberty Group Limited, transferring complete ownership of the holding company to local South African ownership.
Today, Standard Bank South Africa (SBSA) remains a core subsidiary of the Standard Bank Group, handling the South African operations and investment activities.
The Standard Bank Group, meanwhile, holds this and the bank’s global operations across 20 markets.
It is the largest bank in country by tier 1 capital, income and earnings, employing over 54,000 people across the group, and close to 30,000 in South Africa.
Standard Bank Group is headed by Sim Tshabalala as chief executive officer, with Hodnett now in the driving seat of SBSA.
Hodnett moved to the CEO seat from his previous role as the Group Chief Risk Officer in October 2025.
He is a veteran of South Africa’s financial sector, having served as a partner in KPMG’s Financial Services consulting area.
He also worked at Absa in several roles, including Chief Risk Officer, Financial Director, and Deputy CEO to then-CEO Maria Ramos.
He joined Standard Bank in 2019 as the Group Chief Risk and Ethics Officer, with the role subsequently changing to Chief Risk and Corporate Affairs Officer in 2021.
He also held several other roles in the company on an interim basis, including CEO of Business and Commercial Clients in 2021 and CEO of Personal and Private Banking in 2024.
“These experiences taught me that you can’t be an expert in everything, so your role as a leader is often to listen to those who know more than you and motivate them and their teams to do their best,” Hodnett told BusinessTech.
“A leader must also create a cohesive environment in which they can see the big picture and their role in achieving growth and success.”
On the personal side, Hodnett is a fan of reggae music, with his all-time favourite song being Buffalo Soldier by Bob Marley.
He also established an NGO with his wife that caters to the needs of adults living with intellectual disabilities.
When it comes to his new role, Hodnett is responsible for ensuring that the individual’s business units are individually strong, so that Standard Bank can maximise growth opportunities.
For instance, he will see how the Insurance and Asset Management business works with the group’s Personal and Private Banking business to offer the best insurance and investment products for customers.
He will also be responsible for ensuring that Standard Bank plays it role in supporting growth across South Africa. This includes:
- Supporting Operation Vulindlela’s growth-focused reforms
- Ensure clients can grow wealth as the country prospers
- Growing the SME Business, including the so-called informal market.
- Supporting the South African Reserve Bank’s payment reforms
He added that several noteworthy examples demonstrate the bank’s positive impact, including the recent acquisition of Barloworld, Optasia’s listing on the JSE and supporting the nation’s renewable energy drive.
“We will also keep having a voice in areas where we believe changes are required, like showing how conservative ratings affect the cost of country debt payments or banking rules that don’t help South Africa build its economy.”
“Success will require continued investment in the areas of digital and AI, but we must never lose sight of the real people behind the growth, both our staff and our clients.”
While several banks are increasingly focusing on digital banking, Hodnett said that the future of banking is not about choosing between digital and physical.
The bank’s focus will be on integrating both digital and physical to serve clients wherever they are.
The bank’s extensive network of branches and ATMs remains fundamental to its strategy.
The bank has recently announced that it will be expanding Smart ID and passport services to 20 additional banks in South Africa.
The bank’s ATM branches are also becoming more intelligent and more capable, while providing 24/7 access in markets where reliability is crucial.
The bank’s strategy aims to bridge the gap between meeting clients in digital spaces and maintaining its infrastructure, which provides stability, trust, and human connection.
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