Basani Maluleke resigns as African Bank CEO

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African Bank
PHOTO/COURTESY: Twitter

African Bank has announced the resignation of Ms. Basani Maluleke as the Group’s Chief Executive Officer and as an executive director of African Bank and African Bank Holdings Limited (ABHL) Boards of Directors.

Ms. Basani is stepping down to pursue other career opportunities. According to the Johannesburg-based bank, Ms. Basani will serve out her notice period until 30 April 2021, during which time she will be available to ensure a smooth hand-over process.

The lender’s Board was appreciative of Basani’s significant contribution in leading the transformation at African Bank to become a diversified and investable retail bank and wishes her well with her future endeavors. Basani’s contributions include, amongst others, developing and rolling out of the Omni-channel which enables the Bank to offer a digital experience to customers and employees, increasing the Bank’s retail investments, and assisting to rehabilitate the African Bank brand.

 “I am extremely proud of what we have achieved over the last three years and grateful for the dedication and hard work of our people. It has been an honor to serve as the CEO of African Bank during an important phase of the organization’s transformation. I thank the Board for their good wishes. My best wishes to all our staff, customers, partners, and other stakeholders of African Bank,” Ms. Basani commented.

 The lender has appointed, subject to approval by the Prudential Authority, Mr. Gustav Raubenheimer as interim CEO. Mr. Gustav is currently the Chief Financial Officer of African Bank and ABHL and is a board member too.

 “We are confident that Gustav provides a safe and skilled pair of hands, together with the rest of the executive team, to steer the Group until a permanent replacement is found. We thank him for taking up the interim role as well as the rest of the capable executive team.  The executive team, under the leadership of Basani, has built a solid foundation on which the Group can continue to “advance the lives” of our stakeholders, providing innovative and value-added financial services and drive growth. We are confident that this team will continue to take the African Bank forward, with the support of a resilient and engaged staff complement,” ” Chairman of the Board, Thabo Dloti noted.

The Board will begin the executive search process for a new CEO.

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