Kennedy Bungane appointed new African Bank CEO

African Bank has appointed Kennedy Bungane – a former Standard Bank, Absa Group and Barclays Africa executive – as its new CEO effective from April 14.

Announcing the move on Thursday morning, African Bank noted Bungane “brings over 20 years of banking experience” to the position.

Bungane, who was most recently CEO of Phembani Group, takes the helm at the unlisted bank following the surprise resignation of Basani Maluleke in January.

Read: African Bank CEO resigns

“The Board of Directors of the African Bank Group is pleased to announce the appointment of Mr Kennedy Bungane [46] as CEO and as an executive director of the Bank and its holding company, African Bank Holdings Limited,” African Bank said in a statement.

The bank also noted that the appointment has been approved by the Prudential Authority (of the South African Reserve Bank).

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.”

Dloti noted that Bungane has a keen sense for managing complex stakeholder issues.

“He has a proven track record in identifying and nurturing leadership, which promotes strong teams to deliver successful results… His passion for the role that banking can play in transforming society resonated strongly with the board,” he added

“As an experienced banker, he also critically has a good grasp of the strategic challenges facing the bank, within a muted South African economy and competitive landscape, as well as the required regulatory and governance framework,” said Dloti.

Bungane started his career at Standard Bank in 1991, holding a number of senior positions, including head of global markets sales, head of institutional and corporate banking, CEO corporate and investment banking for Standard Bank South Africa, and a member of the Standard Bank Group executive committee.

“After joining Barclays Africa in 2012 as chief executive of Barclays Africa Limited and head of Absa Group strategy, Kennedy led the sale of Barclays Africa Limited to the Absa Group,” African Bank noted in a Sens statement.

“He also brings investment and strategic experience gained as the founder and chairman of Nokeng Telecoms and chairman of Idwala Capital,” the statement added.

“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.

“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,” he added.

Bungane’s appointment follows on from the recent appointment of Maureen Manyama as a non-executive director on the board.