New bosses for major bank in South Africa as it moves to cut jobs and close branches
African Bank has announced a host of changes to the executive team, following the appointment of its new CEO and the sudden exit of its Chief Financial Officer this week.
The bank characterised the new appointments as a shift into an “operational consolidation phase” for the group.
The group confirmed the appointment of Zweli Manyathi as its Group CEO at the end of August.
Manyathi had served as acting CEO of the group following the sudden departure of former CEO Kennedy Bungane in March.
Bungane’s exit was followed by a similarly sudden departure by the group’s CFO, Anbann Chetti, who resigned with immediate effect on 11 September—losing its top two execs in six months.
African Bank subsequently appointed Given Bhutana Mabena as acting group CFO. The group noted that it is currently following its governance processes for a permanent appointment.
However, new CEO Manyathi has made other executive changes in the meantime, with four key appointments across its segments.
These include:
- Happy Ralinala as Chief Executive: Personal Banking
- Keketso Motsoene as Chief Executive: Business and Commercial
- Dr Bongani Mageba as Chief Executive Officer: Insurance, and
- Linda Mthenjane as Group Chief People and Culture Officer
“This blend of internal continuity and external expertise is purposeful,” Manyathi said.
“It ensures the Bank has the capabilities required to integrate recent acquisitions, remove duplication, and drive efficiencies across the Group.”
Workers being retrenched
African Bank confirmed that it is currently implementing a “strategic consolidation process”, which includes a Section 189A retrenchment process.
Manyathi said the process is necessary to reduce duplication and ensure the group’s 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,” he said.
“Affected employees are being given a meaningful opportunity to be heard.”
The group previously announced that the massive restructuring could impact 1,200 employees and see 90 branches close across South Africa.
The restructuring followed the group reporting a net after-tax loss of R624 million for the six months ended March 31, 2026.
The group said that costs were outpacing its risk-adjusted revenue.
Manyathi said that the group’s balance sheets reflect a shift from acquisition to consolidation and stabilisation.
Looking ahead, he said that full-year 2026 would be a “transition year” as the bank enters its consolidation phase.
“The bank is positioning itself for significant benefits flowing from its consolidation strategy,” he said.
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