Maria Ramos
By Natalie Naidoo
Maria Ramos, the former CEO of Absa Group and ex-Director General of the South African National Treasury, has been appointed as the new Group Chair of Standard Chartered Bank, effective 8 May 2025. She takes over from José Viñals, who is retiring after nine years at the helm of the UK-based global banking giant.
Her appointment has sparked controversy, given her role in the rand manipulation scandal, where several banks were implicated in fixing the value of the South African currency. Ramos, who later apologized for Absa’s involvement, will now relocate to London to take up her new position.
Maria Ramos’ Background and Career
✔ Former CEO of Absa Group Limited (2009–2019)
✔ Director General of the South African National Treasury (1996–2003)
✔ Joined Standard Chartered as an independent non-executive director in January 2021
✔ Served on multiple corporate boards, including AngloGold Ashanti
Ramos is widely regarded as one of South Africa’s most accomplished business leaders, having steered Absa’s split from Barclays and helped shape economic policy during her time at the Treasury.
However, her legacy remains tainted by her association with the 2017 rand-fixing scandal, where multiple banks were accused of manipulating currency exchange rates.
The Rand Manipulation Scandal and Ramos’ Apology
✔ In 2017, South Africa’s Competition Commission accused 17 global banks of colluding to manipulate the rand-dollar exchange rate, artificially inflating transaction costs for South African businesses and consumers.
✔ Absa, under Ramos’ leadership, was among the institutions implicated.
✔ Ramos issued a public apology, stating:
“We deeply regret the conduct that took place within our organization and recognize the impact this has had on South Africans.”
✔ While no criminal charges were filed against her, Ramos’ leadership was closely scrutinized during the fallout.
Despite her apology, critics argue that her actions harmed the economy and disproportionately affected ordinary South Africans.
Standard Chartered’s Statement on Her Appointment
✔ Standard Chartered’s CEO Bill Winters praised Ramos’ “exceptional leadership and financial expertise”, stating:
“Maria brings a wealth of global banking experience that will be instrumental in guiding Standard Chartered into its next chapter.”
✔ Ramos will earn an annual salary of £1.3 million (approximately R30 million per year).
✔ She will be tasked with overseeing Standard Chartered’s global expansion and navigating regulatory challenges across international markets.
Her appointment comes as the bank faces increasing scrutiny over its exposure to emerging markets, including Africa, Asia, and the Middle East.

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