Peggy-Sue Khumalo becomes first black woman to head up Standard Bank’s wealth unit


Peggy-Sue Khumalo, after having worked at Investec for 17 years will begin a new chapter when she joins Standard Bank in February 2019 as the CEO of its wealth division in SA.

She will be responsible for short and long-term insurance, asset management, pension-fund operations and fiduciary services which all fall under Standard Bank’s wealth business division according to a Business Day Day news report.

Standard Bank chief executive for wealth Margaret Nienaber told the publication: “It is a new role that we’ve established because the wealth business has grown exponentially and we felt that it is important for us to mirror the group structure whereby there is a regional head for SA, the rest of Africa, and international.”

According to Nienaber, 50% of wealth’s R348bn assets under management at the end of June 2018 were housed in the SA operations that Khumalo will be responsible for overseeing.

The CEO who is former Miss South Africa was offered a scholarship by former president Nelson Mandela in partnership with retired Investec CEO Stephen Koseff to study economics at the University of Manchester in England after her reign in 1996.

Peggy-Sue Khumalo is married to 702 presenter Xolani Gwala.


The new CEO of Standard Bank’s wealth division, Peggy-Sue Khumalo.
Image: Gallo Images

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