African Bank launches Section 189A process amid consolidation strategy
African Bank launches Section 189A process amid consolidation strategy. African Bank has launched a Section 189A process as part of a strategic consolidation strategy, as the Johannesburg-based lender moves to integrate its operations and improve efficiency.
The announcement comes after changes in the bank’s senior leadership, including the resignation of CFO Anbann Chetti with immediate effect on 11 September 2026. Chetti had served on African Bank’s board since August 2023
.His resignation follows the departure of CEO Kennedy Bungane, who stepped down in March 2026. Zweli Manyathi was subsequently appointed interim CEO before becoming the bank’s permanent chief executive.
On Wednesday, 16 September, African Bank said Manyathi had “wasted no time in making key appointments” as the lender implements a plan focused on integration, efficiency and long-term value creation.
The bank has appointed Happy Ralinala as Chief Executive of Personal Banking, Keketso Motsoene as Chief Executive of Business and Commercial, Dr Bongani Mageba as Chief Executive Officer of Insurance and Linda Mthenjane as Group Chief People and Culture Officer.
African Bank said all four executives have more than two decades of experience in their respective fields.The lender also appointed Given Bhutana Mabena as acting group CFO.
According to African Bank, the appointments are intended to provide the capabilities required to integrate recent acquisitions, remove duplication and drive efficiencies across the group.
The bank is also implementing a strategic consolidation process that includes a Section 189A process, which Manyathi described as a necessary step to reduce duplication and support long-term sustainability.
“The process is being conducted in good faith, with full disclosure and meaningful consultation through CCMA-facilitated engagements with SASBO and non-union staff representatives,” Manyathi said.Manyathi said African Bank is shifting its focus from acquisitions towards consolidation and stabilisation.
“Full year 2026 is a transition year as the bank enters its consolidation phase,” he said, adding that the bank is positioning itself for benefits from the consolidation strategy.
