Johannesburg – African Bank has moved to stabilise its senior management team following a series of executive departures, with Zweli Manyathi formally appointed group CEO and several new executives brought into key positions.
According to Business Day, Manyathi’s permanent appointment follows regulatory approval from the Prudential Authority.
The bank also raised its retirement age to accommodate Manyathi, who reached the previous retirement age in August.
The leadership changes follow the departure of former CEO Kennedy Bungane earlier this year and the immediate resignation of group CFO Anbann Chetti last week.
Moneyweb reported that Given Mabena has been appointed acting group CFO following Chetti’s exit.
African Bank chair Thabo Dloti said the lender was entering a critical phase with a new leadership structure.
External expertise
“African Bank enters this critical phase with a strong leadership team of seasoned banking executives and a clear succession framework,” Dloti said.
He said the structure combined institutional experience with external expertise to support the bank’s strategy.
The new appointments include Happy Ralinala as CEO of personal banking, former Absa executive Keketso Motsoene as CEO of business and commercial banking, and former Telesure Investment Holdings CEO Bongani Mageba as head of insurance. Linda Mthenjane has been appointed group human resources chief.
Manyathi said the changes were intended to support the integration of the bank’s recent acquisitions while reducing duplication and improving efficiency.
Acquisition-led strategy
“This blend of internal continuity and external expertise is purposeful. It ensures the bank has the capabilities required to integrate recent acquisitions, remove duplication and drive efficiencies across the group,” Manyathi said.
The leadership overhaul comes as African Bank shifts from an acquisition-led strategy towards consolidation and stabilisation.
Daily Investor reported earlier this week that Chetti’s departure followed Bungane’s exit in March, adding to concerns about leadership stability. Chetti said he was leaving to “reflect, pursue further academic development, and explore selected executive opportunities”.
Manyathi said 2026 was a transition year for the lender as it entered its consolidation phase.
“With the right leadership in place and a clear focus on execution, African Bank is building a resilient, efficient and sustainable banking group.”
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Compiled by Betha Madhomu
