The board of directors of African Bank group has appointed former banker and Phembani Group CEO Kennedy Bungane as CEO with effect from April 14.
“Kennedy 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,” African Bank chair Thabo Dloti said.
“His passion for the role that banking can play in transforming society resonated strongly with the board,” Dloti said.
Bungane has experience in executive roles at Standard Bank and Absa.
After joining Standard Bank in 1991, he rose to become CEO of corporate and investment banking for South Africa, and served on the Standard Bank group executive committee.
In 2012, he was appointed CEO of Barclays Africa and oversaw the sale of the unit to Absa — which at the time was called Barclays Africa Group — and formulated the “One Barclays in Africa” strategy before Absa announced its separation from its British parent.
Dloti believes this experience provides Bungane with “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”.
From June 2014 to February 2019, Bungane was CEO of investment holding company Phembani Group, and led the merger of Shanduka with Phembani.
He is also a past president of the Association of Black Securities Investment Professionals.
“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.
“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 said.
Bungane succeeds Basani Maluleke, who resigned at the beginning of February with a three-month notice period. — BusinessLIVE
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