African Bank on Wednesday confirmed the permanent appointment of Zweli Manyathi as Group Chief Executive Officer with effect from 25 August 2026, following approval from the South African Prudential Authority. The move ends a period of interim leadership that began in March, when Manyathi was appointed interim Group CEO following the resignation of Kennedy Bungane.
In a stock exchange announcement published through the JSE's SENS platform, the lender said Manyathi, who had served as interim chief executive since 6 March 2026, would take on the role on a permanent basis after the regulatory clearance was received.
FROM INTERIM ROLE TO PERMANENT APPOINTMENT
Manyathi joined African Bank in September 2022 as Executive Director and Chief Executive: Business & Commercial. He was appointed interim Group CEO on 6 March 2026, after Kennedy Bungane resigned with immediate effect.
African Bank said the permanent appointment followed a rigorous governance process and approval by the Prudential Authority.
FOUR DECADES OF BANKING EXPERIENCE
Manyathi brings more than 40 years of experience across retail, business and commercial banking to the permanent role. Prior to joining African Bank he served as Chief Executive of Business and Commercial banking at Standard Bank, one of South Africa's big-four lenders, and previously served as CEO of FNB Branch Banking and CEO of FNB Corporate Banking.
The lender, which was placed into curatorship in 2014 and subsequently restructured, has since acquired Grindrod Bank, Ubank and Sasfin's Capital Equipment and Commercial Property Finance businesses.
The board's confirmation of Manyathi follows nearly six months in the interim role.
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