UPDATE 1-Standard Bank picks Phaswana for chairman

* Phaswana to assume title in May 2010

* To review current commitments

(Adds details, background)

JOHANNESBURG, Nov 13 (Reuters) - Standard Bank Group (SBKJ.J), Africa biggest bank by assets, has named Fred Phaswana as a successor to retiring chairman Derek Cooper.

Phaswana, 65, who holds similar positions for Anglo American's (AGLJ.J) South African unit and Anglo Platinum (AMSJ.J) would assume the title in May 2010, Standard Bank said on Friday.

Phaswana, who also chaired transport parastatal Transnet [TRANS.UL] until August this year, would review his current commitments in the light of his pending chairmanship of the Standard Bank Group, the company said.

Derek Cooper has been Standard Bank's chairman since January 2001. (Reporting by Tiisetso Motsoeneng; Editing by Marius Bosch)