Standard Bank to look at sales processes and incentives amid ghost account investigations

Standard Bank says it is reviewing its processes and incentives within the company after dozens of staff members were implicated in activating customer accounts - many of which would have laid dormant - with their own funds.

The bank, which hosted a call with analysts after releasing its trading update on Tuesday evening, said it is purposefully designing its sales and incentives differently.

"Incentives are a small part of staff packages. [But] in light of what has happened, we will also kick off a broader review of our sales processes and incentives," said Standard Bank CEO Arno Daehnke.