African Bank CEO appoints new executives and accelerates retrenchments of 1 200 workers
· Citizen
African Bank Group CEO Zweli Manyathi has made a bold entrance into his tenure by reshaping key leadership and accelerating retrenchment consultations for at least 1 200 workers.
Manyathi was appointed interim GCEO in March 2026 after the abrupt resignation of former GCEO Kennedy Bungane from all his positions at the bank. He was made permanent GCEO in August after approval from the Prudential Authority (PA).
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Bungane’s resignation raised questions, fuelled by allegations that the board pushed him out over errors in the bank’s regulatory reporting to the PA under a new framework. The resignation of Group Chief Financial Officer (GCFO), Anbann Chetti, six days ago, has also not signalled positivity.
African Bank enters new area
The board threw its full support behind Manyathi and reaffirmed confidence in the bank’s leadership and long-term strategy.
“The bank is implementing a clear plan focused on integration, efficiency, and long-term value creation,” African Bank said on Wednesday.
“African Bank enters this critical phase with a strong leadership team of seasoned banking executives and a clear succession framework. The bank’s leadership structure is designed for continuity, blending long-serving institutional knowledge with high-calibre external talent to execute its strategy.”
African Bank CEO makes changes
The bank said Manyathi’s permanent appointment followed a rigorous governance process. Once again, the board threw its full support and reaffirmed its confidence in “his ability to steer the group through its next chapter”.
He has made four key changes to the executive leadership. Happy Ralinala has been appointed as chief executive: personal banking. Keketso Motsoene was appointed chief executive: business and commercial.
Manyathi also appointed Dr Bongani Mageba as chief executive officer: insurance, and Linda Mthenjane as group chief people and culture officer.
Appointments to drive efficiency
Manyathi threw his full confidence behind the new appointments, including the appointment of acting GCFO.
“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.
Speaking about the appointment of acting GCFO, he said it “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.”
Accelerating retrenchments
In July, African Bank announced it has entered a restructuring process that could result in 1 200 employees losing their jobs and up to 90 branches closing, as it looks to cut costs.
Manyathi said the retrenchments are a “necessary step to reduce duplication and secure long-term sustainability”.
“The process is being conducted in good faith, with full disclosure and meaningful consultation through CCMA-facilitated engagements with SASBO and non-union staff representatives. Affected employees are being given a meaningful opportunity to be heard,” he said.
“In line with the 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.”
Looking ahead
“Full year 2026 is a transition year as the bank enters its consolidation phase,” Manyathi said.
The South African Reserve Bank rescued the bank more than a decade ago after it collapsed under the weight of reckless lending and financial distress.
“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.”