African Bank CEO calls it quits

African Bank CEO Kennedy Bungane has stepped down as the bank’s CEO with immediate effect, with the board appointing Zwelibanzi Nelson Manyathi as interim CEO. 

This was revealed in an announcement on the JSE’s stock exchange news service late on Friday, 6 March. While not listed itself on the JSE, African Bank has debt instruments on the exchange, requiring it to notify noteholders of changes to its board of directors. 

“Noteholders are hereby advised that Mr Kennedy Bungane has stepped down as the Group’s CEO and as an executive director of African Bank and African Bank Holdings,” the bank said in a statement. 

“The Boards are appreciative to Kennedy for his significant contribution in crafting and implementing the Excelerate Strategy.”

This strategy aimed to transform the bank from an unsecured lender into a full-service consumer bank, with business banking operations being added more recently. 

Under Bungane, the bank grew into new business areas through the acquisitions of UBank, Grindrod Bank, and some Sasfin Bank businesses. 

The bank said this brought in new capabilities in personal and business banking, whilst growing customers and diversifying the balance sheet. 

“The Boards are seeking to consolidate and embed African Bank’s organic and inorganic growth of the last five years, drive efficiencies and streamline its customer propositions.”

Bungane will be replaced, on an interim basis, by Manyathi, who will lead African Bank through this consolidation phase. 

“Zweli, an industry veteran, was appointed to the Boards of African Bank on 22 September 2022 and has served as the Chief Executive of Business and Commercial banking of African Bank for the last four years,” the statement read. 

“He managed the integration of Grindrod Bank and Sasfin Bank’s businesses and the launch of digital lending, which has strengthened African Bank’s business and commercial proposition, helping it expand into the SMME sector.”

Manyathi has significnat experience within the South African banking sector, with leadership roles at several of the country’s largest financial service providers. 

He previously served as CEO of Business and Commercial Banking at Standard Bank, where he oversaw strategic direction and contributed to financial service delivery. 

Prior to this, Manyathi was chief executive of FNB Branch Banking and FNB Corporate Banking, supporting banking service expansion and driving organisational performance. 

“The Boards are committed to a smooth transition, and we are confident that Zweli provides a safe and skilled pair of hands,” Chairman of the Boards of African Bank and African Bank Holdings, Thabo Dloti, said. 

“Together with the rest of the executive team, Manyathi will steer the Group to continue its transformation to a diversified, fully-fledged financial institution that services both personal and business customers.” 

The leadership changes are subject to African Bank obtaining the necessary regulatory approvals.