African Bank CEO Kennedy Bungane steps down

African Bank Chief Executive Kennedy Bungane has stepped down with immediate effect, the lender said, with Zwelibanzi Nelson Manyathi appointed interim CEO. 

The change was disclosed late Friday through the stock exchange news service of the Johannesburg Stock Exchange. Although African Bank is not listed on the exchange, it has debt instruments traded there and must notify noteholders of board changes. 

“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 board thanked Bungane for his role in shaping and carrying out the bank’s “Excelerate Strategy,” which sought to reposition the lender from a specialist in unsecured credit into a broader consumer and business bank.

African Bank expands through key acquisitions

During Bungane’s tenure, African Bank broadened its operations and product range through several acquisitions, including UBank and Grindrod Bank, as well as selected businesses from Sasfin Bank. 

The bank said the deals added capabilities in both personal and business banking while expanding its customer base and balance sheet. 

The board said its next priority is to consolidate the changes introduced over the past five years. “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,” the statement said. 

Manyathi will lead the lender during that process while the bank works through the leadership transition.

Bungane’s career in banking 

Bungane began his career at Standard Bank Group, where he spent two decades in several divisions, including retail banking and corporate and investment banking. 

He later held senior positions such as head of global markets sales and deputy chief executive of corporate and investment banking in South Africa. 

In 2012, Bungane joined Barclays Africa as chief executive for regional management and strategy, overseeing operations outside South Africa and helping shape the bank’s business plans across the continent. 

He was also involved in the merger of Shanduka Group and Phembani Group, which created a large black-controlled industrial holdings group in South Africa. 

Bungane became group chief executive of African Bank in April 2021. During his time at the lender, he oversaw acquisitions including UBank and Grindrod Bank in 2022, moves that broadened the bank’s services and market reach.

Manyathi named African Bank interim CEO

Manyathi, an experienced banker, joined the boards of African Bank in September 2022 and has served as chief executive of business and commercial banking. 

According to the bank, he oversaw the integration of Grindrod Bank and parts of Sasfin Bank’s operations, as well as the rollout of digital lending aimed at expanding services to small and medium-sized businesses. 

Earlier in his career, Manyathi also worked at Standard Bank, where he served as chief executive of business and commercial banking. He previously held senior leadership roles at First National Bank, including chief executive of branch banking and corporate banking. 

Board sees smooth leadership handover

Board chairman Thabo Dloti said the bank expects a smooth leadership handover. 

“We are confident that Zweli provides a safe and skilled pair of hands,” Dloti said. “Together with the executive team, he will help guide the group as it continues building a broader financial services offering for personal and business customers.” 

The leadership changes remain subject to regulatory approval from the South African Reserve Bank. 

Founded in 1975 and headquartered in Midrand, South Africa, African Bank offers products including personal loans, credit cards, savings and investment services through branches, digital channels and contact centers nationwide.