WeeklySA_AdminREIGN: African Bank confirmed the immediate resignation of CEO Kennedy Bungane after five years at the helm, appointing business and commercial banking head Zwelibanzi Nelson Manyathi as interim chief executive pending regulatory approval…
By Lehlohonolo Lehana
African Bank has announced the immediate departure of its group Chief Executive Officer Kennedy Bungane, marking the end of a five-year reign.
The bank made an announcement on the JSE’s stock exchange news service late on Friday, 6 March.
“Noteholders are hereby advised that 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 Bungane 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.
Bungane will be replaced, on an interim basis, by Zwelibanzi Nelson Manyathi as interim CEO.
Manyathi was appointed to the Board of African Bank on September 22 2022 and has served as the Chief Executive of Business and Commercial banking of African Bank for the last four years.
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, read the statement.
Prior to this, Manyathi was chief executive of FNB Branch Banking and FNB Corporate Banking, supporting banking service expansion and driving organisational performance. The leadership changes are subject to African Bank obtaining the necessary regulatory approvals.
