African Bank CEO shakes up C-suite amid turnaround push - TimesLIVE

Recently appointed African Bank CEO Zweli Manyathi on Wednesday announced the appointment of new members to the group’s C-suite as he leads a turnaround at the embattled lender.

Manyathi, a veteran banker whose appointment as CEO was endorsed by the Prudential Authority, had been the bank’s interim head since March after Kennedy Bungane was unseated after a fallout with the board. Bungane’s ouster followed the group’s poor financial performance and reporting errors that were flagged by the Prudential Authority.

To retain Manyathi, who turned 65 in July, African Bank changed the retirement age to beyond 65.

Manyathi announced the appointment of Happy Ralinala as CEO of personal banking, Keketso Motsoene as CEO of business and commercial, Bongani Mageba as CEO of the group’s insurance division and Linda Mthenjane as chief people and culture officer.

The group said the leadership changes signalled a stronger focus on high performance and governance in its leadership team.

“This blend of internal continuity and external expertise is purposeful. It ensures the bank has the capabilities required to integrate recent acquisitions, remove duplication and drive efficiencies across the group,” said Manyathi.

The appointments follow the immediate resignation of CFO Anbann Chetti on Friday. The group said Given Mabena would act as CFO until a permanent appointment was made.

Manyathi said Mabena’s appointment highlighted the depth of skills in the bank.

“This appointment ensures continuity in financial control, institutional knowledge and strategy, while the bank follows its governance processes for a permanent appointment. This is a position of strength, ensuring stability during the transition, rather than a gap,” he said.

African Bank reported a R624m loss for the six months ended June 2026 on higher transformation costs and impairments. The bank also flagged that it had begun a Section 189A (retrenchment) process which could affect 1,200 employees.

The group pushed out its plan to list on the JSE to 2030, depending on its financial performance.

The bank has faced setbacks after growing too fast through a series of acquisitions, including buying Grindrod Bank, Ubank and Sasfin’s Capital Equipment Finance and Commercial Property Finance businesses.

Manyathi said the Section 189 process was part of a strategic consolidation process and is required to secure long-term sustainability.

He said the process was being conducted in good faith, with full disclosure and meaningful consultation through engagements with trade union Sasbo, facilitated by the Commission for Conciliation, Mediation and Arbitration, and non-union staff representatives. Affected employees were being given a meaningful opportunity to be heard.

“In line with group strategy, the balance sheets of ABL and ABHL reflect a shift from acquisition to consolidation and stabilisation, to embed capabilities, create synergies and unlock value, with advances appropriately provided for, and with adequate cash resources. Liquidity and market risks are managed within the group’s approved risk appetite framework.”

He said 2026 marked a consolidation phase for the bank.

“The bank is positioning itself for significant benefits flowing from its consolidation strategy. With the right leadership in place and a clear focus on execution, African Bank is building a resilient, efficient and sustainable banking group,” said Manyathi.