African Bank appoints Zweli Manyathi CEO as 1,200 jobs face possible retrenchment

African Bank has officially named Zweli Manyathi as its permanent Chief Executive Officer, following his interim appointment and approval from the Prudential Authority. Manyathi, who has been with the bank since 2022, brings an extensive 40-year background in retail, business, and commercial banking, along with strategic leadership and transformation expertise.

His appointment follows a review of the bank's board and committee structures as well as succession planning. The bank faces mounting pressure to reduce costs, having reported a R624 million loss in the six months leading up to March 2026. To address this financial strain, African Bank is contemplating a Section 189A retrenchment process that could potentially result in the loss of 1,200 jobs and the closure of 90 branches.

This decision has sparked strong opposition from trade unions, with Sasbo and COSATU urging the bank to explore alternative measures to retain the affected employees. In recent years, African Bank has undertaken a series of acquisitions, including Ubank, Grindrod Bank, Sasfin Capital Equipment Finance, and Commercial Property Finance, but its acquisition strategy has been called into question due to the recent financial losses.