African Bank Appoints Manyathi as Interim CEO After Bungane’s Departure

South African banking group African Bank has appointed Zwelibanzi Nelson Manyathi as interim chief executive, subject to regulatory approval, following the departure of Kennedy Bungane. Bungane stepped down on March 6th, ending a nearly four-year tenure leading the group.

Leadership change at African Bankfollows board discussions amid financial performance and regulatory concerns

The bank confirmed that Bungane resigned from both his role as group chief executive and as executive director of African Bank and African Bank Holdings, with immediate effect.

According to the South African press, the leadership change follows a meeting of the board’s governance committee that took place amid disappointing financial performance and regulatory compliance concerns. Reports indicate that the group experienced weak results in the first quarter and also faced a regulatory reporting error submitted to the Prudential Authority (PA).

Manyathi, who has served as a member of the board of directors since September 2022, previously led the group’s commercial and investment banking division. In that position, he oversaw key elements of African Bank’s expansion into commercial banking. His responsibilities included managing the integration of Grindrod Bank and certain activities of Sasfin Bank, acquisitions that formed part of the group’s strategy to broaden its banking operations.

During Bungane’s tenure, African Bank also pursued expansion in the retail segment. The group increased its customer base through the acquisition of UBank and continued implementing its “Excelerate” strategy. This plan aims to transform the institution from a lender focused primarily on unsecured credit into a more diversified financial services provider serving both individuals and businesses.

Before joining African Bank, Manyathi held several senior roles within the South African banking sector. He previously worked at Standard Bank, where he served as Managing Director of Commercial and Corporate Banking. Earlier in his career, he also led both the branch banking and corporate banking divisions at First National Bank.

His appointment as interim chief executive comes as the bank navigates leadership transition while continuing the strategic shift toward a broader range of financial services.

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(Featured image by Jacques Nel via Unsplash)

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First published in Financial Afrik. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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