The African Bank has appointed banker Mr Kennedy Bungane as the African Bank’s new CEO following the resignation of Basani Maluleke in January. According to the bank, Basani was instrumental in rebuilding the bank after it emerged out of curatorship.
“The Board of Directors of the African Bank Group is pleased to announce the appointment of Mr Kennedy Bungane  as CEO and as an executive director of the Bank and its holding company, African Bank Holdings Limited,” African Bank said in a statement.
Kennedy’s banking experience spans over 20 years and he has held key senior positions including CEO of Corporate and Investment Banking for Standard Bank as well as chief executive for Barclays Africa. He spearheaded the sale of Barclays Africa to Absa. His most recent stint was at Phembani Group where he was CEO.
Commenting on Bungane’s appointment, African Bank board chairman Thabo Dloti said: “We are thrilled to welcome Kennedy to our team and look forward to working together as we continue to build a strong leadership team and continue on our journey of transforming the bank into a successful investible diversified retail bank.”
“I am honoured to have been selected by the board. African Bank offers an opportunity to join a dynamic and enthusiastic team of colleagues in building the bank into a fully-fledged platform of personalised financial services and solutions to our customers,” Bungane said of his appointment.
Bungane added, “I believe I can play a meaningful role in the ongoing growth and transformation of the bank and continue to position it as a significant competitor within the South African financial services landscape”.
The bank also noted that the appointment has been approved by the Prudential Authority (of the South African Reserve Bank).