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Standard Bank has established a head of geopolitics role as the business world grapples with risks associated with a volatile world and rising nationalism in many parts.The bank, whose footprint spans more than 20 countries, mainly in Africa, has tapped President Cyril Ramaphosa’s economic adviser, Trudi Makhaya, to fill the role, seconded from the US multinational consultancy firm Boston Consulting Group (BCG).Margaret Nienaber, COO at Standard Bank Group, said the head of geopolitics is a permanent role in the group and that it is complementary to, not a replacement for, the group’s economics, research, or investment capabilities. (Dorothy Kgosi) Makhaya’s secondment took effect in November, with Nienaber stressing that the geopolitics function works closely with these teams while respecting the independence of economic and research views.“Standard Bank operates across a diverse footprint and connects African clients to global capital, trade and investment opportunities. The geopolitical environment has become more complex, and these shifts increasingly affect how our clients operate, invest, and grow,” Nienaber said.Read: UAE’s R6.6-trillion banking giant just won the right to take on FNB“This role is aligned with that emerging best practice and will strengthen the group’s ability to understand developments, assess implications, and support informed strategic decision-making. The role draws on strong expertise that already exists across the group, including our economics and research teams, the risk function, and the work led by our highly recognised chief economist, Goolam Ballim.“It helps integrate these perspectives to interpret geopolitical shifts and suggest responses for the group. It is also consistent with the group’s broader external engagement.”In 2018-23, Makhaya served as an economic adviser in the presidency, providing technical support to Ramaphosa on economic policy.She also served as South Africa’s G20 sherpa, representing the president in the drafting and negotiations ahead of leaders’ summits and meetings last year.Globally, leading organisations are strengthening their geopolitical capabilities, with GlobeScan’s 2025 research ranking geopolitical risk and uncertainty as the biggest risk to businesses.Standard Bank, Africa’s largest bank by assets, joins the likes of US banking behemoth JPMorgan Chase in creating the role of head of geopolitics. At the US lender, Derek Chollet leads a firmwide advisory team that helps corporate clients navigate geopolitical risk and market uncertainty.Read: Standard Bank maintains guidance despite uncertain operating environmentThe South African Reserve Bank has said that geopolitical tensions — such as Middle Eastern conflicts and US-China friction — are directly driving inflation and currency volatility in South Africa, with local companies forced to navigate higher operational costs, longer supply chains, and shrinking margins as global trade fragments.Geopolitical fragmentation further complicates the financial stability landscape by disrupting cross-border capital flows, fragmenting payment systems, and intensifying operational risks.South Africa, in particular, has had to navigate a tough, confrontational geopolitical landscape.
