BASANI MALULEKE, a seasoned corporate guru and an attorney will assume the role of chief executive officer at African Bank in 2018.
This is part of the bank’s mandate and policy to empower women, especially from the black sector.
Changes sweeping through the bank is part of the board plan as it reinforces its stability in the banking and financial sector, respectively.
She takes over from Brian Riley, who informed the board that he intends stepping down as CEO of the group effective 31 March 2018.
Brian joined African Bank as CEO designate on 1 May 2015 and assumed the role of CEO of the newly restructured Group when the Bank launched on 4 April 2016.
Basani (40) has a BComm LLB (UCT) and an MBA from Kellogg.
She has over ten years of financial services experience and has worked for Edward Nathan Friedland, FirstRand’s RMB division as well as FNB division.
Prior to joining African Bank as an executive in July, Basani was an executive director at Transcend Capital, a corporate financial business specialising in B-BEE ownership.
Chairman of the African Bank Group, Louis von Zeuner noted: “Brian was instrumental in refocusing and overseeing the establishment of the strategic platform for the Group.
We are pleased that he has accepted our invitation to remain on the board as a non-executive director after he steps down as CEO in March.
This will enable the team to leverage his knowledge gained at African Bank as well extensive knowledge as a seasoned banker.”
The process of inducting Basani has been underway over the past few months and has been a board member of the African Bank Group since July 2015.
Commented Riley: “I am delighted with the progress we have made and although my role will change from April next year, I remain convinced that the path we have chosen is the right one and more importantly, that we have the right people in place to achieve our ambitious goal be a highly respected South African Retail Bank.”
Another change is that Ignatius Sehoole, a director on the board has resigned to pursue alternate interests.