African Bank begins restructuring after departure of two top executives in 6 months

African Bank is entering a new phase of restructuring under CEO Zwelibanzi Nelson Manyathi after two senior executives left in six months, as the South African lender shifts from acquisition-led expansion to consolidation and cost control.

The leadership changes follow the resignation of former CEO Kennedy Bungane in March 2026 and the immediate departure of chief financial officer Anbann Chetti in September. Manyathi, who has served as interim CEO since Bungane’s exit, is now leading a broader executive reshuffle as the bank responds to declining profitability, integration challenges and rising transformation costs.

The changes follow African Bank’s R624 million ($38.3 million) loss for the six months ended June 2026 and the launch of a consultation process that could affect about 1,200 employees.

African Bank reshapes leadership team

Manyathi announced the appointment of four executives as the bank moves to strengthen its operating structure. Happy Ralinala was appointed CEO of personal banking, Keketso Motsoene became CEO of business and commercial banking, Bongani Mageba was appointed CEO of the insurance division, while Linda Mthenjane took the position of chief people and culture officer.

The bank said the appointments were designed to strengthen performance and governance while providing the leadership capacity required to integrate its recent acquisitions and eliminate duplication across the group.

The changes follow Chetti’s immediate resignation as CFO. Given Mabena has been appointed acting CFO while the bank conducts a process to identify a permanent successor. Manyathi described Mabena’s appointment as evidence of the depth of expertise within African Bank and said it would provide continuity in financial controls, institutional knowledge and strategy during the transition.

Bungane’s five-year transformation strategy ends

Bungane became African Bank’s CEO in April 2021, taking over after the departure of his predecessor amid strategic differences. Before joining African Bank, Bungane built a career across South Africa’s financial and corporate sectors, including senior roles at Standard Bank and Barclays Africa, before serving as CEO of Phembani Group between 2014 and 2019.

At African Bank, he oversaw the implementation of the Excelerate strategy, which sought to transform the lender from a specialist unsecured-lending institution into a diversified, full-service banking group. The strategy included the acquisitions of UBank and Grindrod Bank, as well as parts of Sasfin Bank’s business, expanding African Bank’s exposure to personal banking, business banking and commercial finance.

The group also pursued plans to list on the Johannesburg Stock Exchange, although the timetable has been repeatedly pushed back as African Bank focused on integrating its acquisitions and strengthening its financial position. Bungane left the bank in March 2026 after he was unseated in a fallout with the board, ending roughly five years at the helm.

Acquisition strategy gives way to consolidation

The leadership changes come as African Bank reassesses the pace and structure of its expansion.

The lender’s acquisition programme significantly broadened its operations, but the integration of Grindrod Bank, UBank and Sasfin’s Capital Equipment Finance and Commercial Property Finance businesses also increased the complexity of the group.

African Bank has now described 2026 as a consolidation phase, with management focused on integrating acquired businesses, creating synergies, improving efficiency and strengthening the group’s balance sheet. Manyathi said African Bank was moving from acquisition to consolidation and stabilisation, to embed newly acquired capabilities and unlock value across the group.

The bank has also indicated that its JSE listing plans have been pushed out to 2030, subject to financial performance.

African Bank seeks stability after rapid expansion

Manyathi has positioned the restructuring as a transition from expansion to execution, with the bank seeking to extract greater value from businesses acquired during the previous growth cycle.

The group said its balance sheets reflect a shift away from acquisitions toward consolidation and stabilisation, with advances appropriately provided for and adequate cash resources maintained.

Liquidity and market risks, the bank said, continue to be managed within its approved risk appetite framework.

The restructuring also places greater emphasis on integrating African Bank’s businesses rather than adding further acquisitions to an already expanded operating structure. For African Bank, the next phase will therefore centre on integrating its expanded banking platform, improving efficiency and navigating the workforce restructuring while rebuilding profitability.

The leadership changes mark a significant transition for the lender after years of acquisition-led growth under Bungane. With Manyathi now firmly at the centre of the bank’s consolidation strategy, African Bank is seeking to turn its enlarged portfolio into a more integrated and sustainable banking group.