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African Bank appoints new CE

THE BOARD of Directors of the African Bank Group is pleased to announce the appointment of Kennedy Bungane (46) as Chief Executive Officer (CEO) and as an executive director of the Bank and its holding company, African Bank Holdings Limited (“ABH”).

African Bank appoints new CE

His appointment, effective 14 April 2021, follows approval from the Prudential Authority.

Kennedy brings over 20 years of banking experience with him having started his career at Standard Bank in 1991 and earning his banking and leadership stripes through holding a number of positions in the various departments within the Bank, including Head of Global Markets Sales, Head of Institutional and Corporate Banking and Chief Executive of Corporate and Investment Banking for South Africa. He served as a member of both the Standard Bank of SA Executive Committee and the Standard Bank Group Executive Committee. 

Kennedy joined Barclays Africa in 2012 as Chief Executive of Barclays Africa Limited and Head of Absa Group strategy where led the sale of Barclays Africa Ltd to Absa Group and the formulation of the “One Barclays in African strategy”.

In his previous role as the National President of the Association of Black Securities Investment Professionals (“ABSIP”), Kennedy played a significant role in the negotiations and drafting of the Financial Services Charter which was later gazetted by the SA Government as a BBBEE Sector Code of good practice in the transformation of the financial services sector.

He also brings diverse investment and strategic experience as the founder and non-executive Chairman of Nokeng Telecoms as well as founder and Chairman of Idwala Capital. Most recently Kennedy was CEO of Phembani Group.

Kennedy holds a B.Com from the University of Natal, an MBA from the University of Pretoria (GIBS campus) and completed the Advanced Management Programme from Harvard

Commenting on Kennedy’s appointment, Chairman of the Board, Thabo Dloti, stated: “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.  His passion for the role that banking can play in transforming society resonated strongly with the board.

As an experienced banker, he also critically has 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.”

Kennedy noted, “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. 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.”

Thabo concluded, “We are thrilled to welcome Kennedy to our team and look forward to working together as we continue to build a strong leadership team and continue on our journey of transforming the Bank into a successful investible diversified retail bank.”

Kennedy’s appointment follows on from the recent appointment of Maureen Manyama as Non-Executive Director.

Image (New blood. Kennedy Bungane appointed CE at AB).

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