African Bank CEO appoints new executives and accelerates retrenchments of 1 200 workers
The lender says it is looking to cut costs.
African Bank Group CEO Zweli Manyathi has rapidly reshaped the bank's leadership and initiated retrenchments for up to 1,200 workers upon his permanent appointment in August 2026. This follows the resignation of former GCEO Kennedy Bungane, who was removed from his positions due to allegations of errors in regulatory reporting. The bank's board has shown full support for Manyathi's leadership and his plans for integration, efficiency, and long-term value creation.
To drive efficiency, Manyathi appointed Happy Ralinala as CEO of personal banking, Keketso Motsoene as CEO of business and commercial, Dr Bongani Mageba as CEO of insurance, and Linda Mthenjane as group chief people and culture officer. These appointments blend internal continuity with external expertise, ensuring the bank is well-equipped to handle recent acquisitions, eliminate redundancies, and optimize its operations.
The CEO further assured that the bank's restructuring process, which could lead to 1,200 job losses and up to 90 branch closures, is a necessary step to reduce duplication and ensure long-term sustainability. The retrenchments are being conducted in good faith, with employees receiving meaningful consultation through CCMA-facilitated engagements with SASBO and non-union staff representatives.
Manyathi emphasized that the bank is building a resilient and efficient group, positioning itself for significant benefits from its consolidation strategy.
Written by urgent.news from The Citizen's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
