South African exec Funeka Montjane earns $2-million salary from Standard Bank

Feyisayo Ajayi -

Funeka Montjane, the CEO of personal and private banking at Standard Bank Group, Africa’s leading lender by assets and one of the continent’s top financial services groups, was awarded a total compensation of R38.15 million ($2 million) in 2022 in recognition of her pivotal role in the group’s financial performance.

Montjane’s 2022 compensation package marked an impressive 9.47-percent increase over the previous year’s total reward of R34.85 million ($1.82 million), attributable to the outstanding financial performance achieved by the group throughout the year.

This compensation package comprises a base salary of R7.35 million ($383,024) and a performance-based short-term incentive of R7.55 million ($393,430). The short-term incentive was awarded in recognition of the bank’s outstanding performance during the fiscal year.

In addition, Montjane received a long-term incentive award of R9.25 million ($482,056) from the bank as a testament to her unwavering dedication to the group and her wealth of expertise as a seasoned professional.

Montjane, a towering figure within Standard Bank Group, has been the CEO of consumer and high net worth clients (subsequently renamed personal and private banking) since 2012.

Her history with Standard Bank of South Africa Limited began in 2008, and since then, she has assumed critical roles within the leading financial services group.

As one of the top figures in the group, Montjane, a South African multimillionaire banker and executive, has made significant contributions to the remarkable financial achievements of Standard Bank Group, overseeing the group’s high-net-worth client portfolio.

In recent years, the group’s headline earnings soared by an impressive 37 percent, from R25.02 billion ($1.7 billion) in 2021 to R34.2 billion ($1.83 billion) in the fiscal year 2022. Its total assets have also expanded significantly, rising from R2.7 trillion ($144.5 billion) in 2021 to R3.0 trillion ($160.6 billion) in 2022.

Montjane’s leadership and contributions will continue to play a pivotal role in the success and growth of Standard Bank Group, solidifying her position as one of South Africa’s most influential financial executives.