African Bank CEO Basani Maluleke steps down

In a statement released by On Monday, the bank said Basani Maluleke will be stepping down to pursue other career opportunities.

African Bank CEO Basani Maluleke is set to step down at end-April, having been credited with helping to push the group into a new era after one of SA’s biggest banking collapses.

African Bank had emerged in 2016 amid a bailout package from the Reserve Bank and major SA banks, which followed the collapse of African Bank Investments under a mountain of bad debt in 2014. Maluleke took up the position of CEO in April 2018.

Maluleke’s contributions to the group included rolling out the group’s digital services, and assisting to rehabilitate the African Bank brand, it said on Monday.

“The board is 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 endeavours,” the statement reads.

The announcement comes before the release of African Bank’s results for the year to end-September on Tuesday. Covid-19 has recently also put pressure on African Bank, which announced in October it would cut costs and jobs.

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